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BREAKING: The American economy shrank by 4.8 percent in first quarter, the sharpest pace in more than a decade as the coronavirus pandemic forced a near shutdown of the country, ending the longest expansion on record. Gross domestic product, the broadest measure of goods and services produced across the economy, fell at a seasonally adjusted annual rate of 4.8 percent in the three-month period from January through March, the Commerce Department said in its first reading of the data Wednesday. It was the first drop recorded since the first three months of 2014, and the worst since the first quarter of 2009, when the economy contracted by 4.4 percent in the midst of the financial crisis.
Wednesday, April 29, 2020
The American economy shrank by 4.8 percent in first quarter, ending the longest expansion on record.
at 5:30 PM