BREAKING: The U.S. economy contracted 4.8% in the first quarter of 2020, ending a record streak of expansion, according to a preliminary estimate released by the Commerce Department.
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The real gross domestic product is among the first economic indicators to show the impact of the novel coronavirus pandemic on the U.S. economy.MORE: Coronavirus economic updates: 4.4 million more people file for unemployment "This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending," the government said.
Streets are empty and businesses have been shuttered in Jersey City, April 27, 2020, in Jersey City, New Jersey.Non-essential businesses have been forced to shutter, and some 26 million people have lost their jobs andIn just over a month, the pandemic wiped out all the job gains since the 2009 recession., projecting the global economy will contract by 3% as a result of the COVID-19 pandemic, a steeper decline than the 2008-2009 financial crisis.
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