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US economy shrinks 4.8% in the first quarter, worse expected for second quarter

US economy shrinks 4.8% in the first quarter, worse expected for second quarter

US GDP fell 4.8% in the first quarter of 2020, the Commerce Department said Wednesday. Economist said the coronavirus only had a major impact late in the quarter and project much worse in the second quarter. This marked the lowest growth since the 8.4% plunge in Q4 of 2008 during the worst of the financial crisis. Consumer expenditures plunged 7.6%.

Skeptic
Skeptic
Paris Cloud
Paris Cloud 4 months

That's what happens when we purposefully shoot ourselves in the foot.

Blaeingr
Blaeingr 4 months

And we're surprised how? Well I'm sure there are a few people who live in safe bubbles that are surprised and many of them are likely to suggest that the government needs to hand out free cash (an oxymoro) and establish UBI (which has failed when it was tried... like communism😉).

Rhokanth
Rhokanth 4 months

What? How could shutting everybody in their homes possibly have a financial impact?

IIzard
IIzard 4 months

OPEN THE ECONOMY NOW

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