WASHINGTON The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter by far the worst quarterly plunge ever when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. Spending by consumers collapsed at a 34.6% annual rate as travel all but froze and shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close. The plunge in GDP underscores the unprecedented hit to the economy from the pandemic," said Andrew Hunter, senior U.S. economist at Capital Economics. Last quarter, besides consumer spending, business investment and residential housing also posted sharp declines, with investment spending sinking 27% and residential housing tumbling 38.7%. State and local government spending, bruised by a loss of tax revenue that forced layoffs, also fell at an annual rate of 5.6%.