U.S. GDP Sinks 4.8% As Virus Ends Expansion

The longest financial enlargement in U.S. historical past arrived to a shuddering halt in the first quarter as the coronavirus pandemic despatched GDP tumbling into negative territory — with economists anticipating far even worse to arrive.

The Commerce Department claimed Wednesday that gross domestic solution contracted 4.eight% in the January-March interval, the first drop since the 1.1% drop in the first quarter of 2014 and the worst quarterly contraction since the Excellent Recession.

Due to the fact most of the coronavirus lockdowns that have introduced the economic system to a virtual standstill only started in the second half of March, economists are now bracing for a second-quarter plunge of Excellent Despair proportions.

“If the economic system fell this really hard in the first quarter, with significantly less than a month of pandemic lockdown for most states, really don’t inquire how far it will crater in the second quarter mainly because

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