US economy falls 31.4% in spring; may shrink for the first time since 2009

The government will not release its July-September GDP report until Oct. 29, just five days before the presidential election

The US economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the US economy will likely shrink this year, the first time that has happened since the Great Recession.

The gross domestic product, the economy's total output of goods and services, fell at a rate of 31.4 per cent in the April-June quarter, only slightly changed from the 31.7 per cent drop estimated one month ago, the Commerce Department reported Wednesday.

The government's last look at the second quarter showed a decline that was more than three times larger than the