2 grim reports are expected on virus' damage to US economy


Stocks opened lower this morning after two discouraging economic reports. NPR's got Horsley reports. The Dow Jones industrial average fell about 500 points in early trading. In a grim yardstick of the economic toll taken by the Corona virus pandemic. The Commerce Department says the U. S economy shrank at an annual rate of 32.9% this spring. That's the sharpest contraction in Postwar history. The drop between April and June was nearly four times as steep as the worst quarter of the great recession. By the end of the quarter economic activity began to pick up again, but I hope for recovery this summer could be short circuited as the nation continues to wrestle with a surge of new infections, the Labor Department says new claims for state unemployment benefits rose last week for the second time in a row new claims for a special federal unemployment program. Dropped. Scott Horsley. NPR NEWS

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