The US economy shrank by an annualized 4.8 percent in the first quarter of 2020, ending the longest period of expansion in the country's history, an advance estimate showed. It was the steepest pace of contraction in GDP since the last quarter of 2008, much worse than market consensus of a 4.0 percent slump, as the Covid-19 pandemic forced several states to impose lockdown measures in mid-March, throwing millions of people out of work.
source: tradingeconomics.com
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