BREAKING: U.S. GDP falls by 4.8% in the first quarter of 2020 as the coronavirus pandemic continues to hit the economy.
While Wall Street had been steeling itself for the data, the worst is yet to come. First quarter data captured economic activity up to the end of March, but the second quarter will likely include three straight months of decline.
The Congressional Budget Office estimated second-quarter GDP would be down by as much as 40 percent, for the worst quarter since 1947. "You’re going to see the economy really bounce back in July, August, September," Treasury Secretary Steven Mnuchin told Fox News earlier this week."You’re seeing trillions of dollars that’s making its way into the economy and I think this is going to have a significant impact," he said of the government's $2 trillion dollar emergency stimulus package meant to buttress the economy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisisThis marked the first negative GDP reading since the 1.1% decline in the first quarter of 2014 and the worst level since the 8.4% plunge in Q4 of 2008 during the worst of the financial crisis
Read more »
US first-quarter GDP contracts 4.8% in coronavirus crisis, ending record expansion
Read more »
First quarter 2020 GDP: U.S. economy contracted for the first time in six yearsThe Bureau of Economic Analysis released the advance print of U.S. first-quarter gross domestic product Wednesday morning.
Read more »
GDP report expected to show U.S. economy sliding into recessionThe U.S. Commerce Department is expected to estimate that gross domestic product shrank at an annual rate of 5% or more in the first quarter of 2020.
Read more »
US first-quarter GDP contracts 4.8% in coronavirus crisis, ending record expansion
Read more »
US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisisThis marked the first negative GDP reading since the 1.1% decline in the first quarter of 2014 and the worst level since the 8.4% plunge in Q4 of 2008 during the worst of the financial crisis
Read more »