GDP fell 4.8% in the first quarter as the coronavirus batters the economy. It's the value of all goods and services produced in the US.
The U.S. economy, largely shut down by the coronavirus pandemic, turned in its worst performance in more than a decade early this year but the dismal showing reflects just a sliver of the damage to come.
The economy was performing solidly in the first quarter until most states began closing down nonessential businesses such as restaurants, movie theaters, sports venues and most stores in mid-March to curtail the spread of the virus. The closures compounded the pain reverberating through a travel industry that had come to a near standstill as Americans shunned airplane flights and hotel stays.
Congress has passed about $3 trillion in programs to minimize the damage. Among other measures, lawmakers have boosted unemployment benefits and eligibility, and offered forgivable loans that cover eight weeks of payroll and other costs for businesses with fewer than 500 employees that retain workers. The Federal Reserve also has rolled out a batch of programs to support lending to businesses and households.
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