Economy plunges 31.4% in spring but big rebound expected

WASHINGTON (AP) — The U.S. economy plunged at a record rate in the spring but is poised to break a record for an increase in the just-ending July-September quarter. The Commerce Department reported Wednesday that the gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% drop estimated one month ago. The new report, the government’s last look at the second quarter, showed a decline that was almost four times larger than the previous  record-holder, a fall of 10% in the first quarter of 1958 when Dwight Eisenhower was president.