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

The longest financial growth in U.S. background came to a shuddering halt in the initially quarter as the coronavirus pandemic sent GDP tumbling into negative territory — with economists expecting significantly even worse to appear.

The Commerce Division described Wednesday that gross domestic item contracted 4.8% in the January-March time period, the initially decrease due to the fact the one.one% drop in the initially quarter of 2014 and the worst quarterly contraction due to the fact the Excellent Economic downturn.

Considering that most of the coronavirus lockdowns that have introduced the economic climate to a virtual standstill only started in the 2nd 50 % of March, economists are now bracing for a 2nd-quarter plunge of Excellent Melancholy proportions.

“If the economic climate fell this really hard in the initially quarter, with significantly less than a thirty day period of pandemic lockdown for most states, really do not question how significantly

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