The U.S. economy is contracting sharply because of the coronavirus pandemic and millions of Americans are out of work.
The American economy contracted at the fastest pace since the Great Recession in the first quarter of 2020, official figures show, a sign of just how hard the coronavirus pandemic has hit.
Mohamed A. El-Erian, chief economic adviser to the financial firm Allianz, tweeted that the drop was worse than expected and"indicative of the huge economic hit." He added that the second-quarter decline"could be as large as 40 percent." The U.S. economy is not technically in recession, which requires two consecutive quarters of GDP decline. But there is little doubt among economists that the decline will continue, and likely sharpen, in the second quarter of this year.
This is an advance estimate based on a portion of the data and is subject to revisions in either direction once more information is available.
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