US GDP Contracts 5% In Q1 As Corporate, Consumer Spending Plunge: Coronavirus Triggers 'Rapid Changes In Demand'
The U.S. GDP contracted 5% in the first quarter of 2020, the largest since the 2008 recession.
The metric was worse than the 4.8% drop economists projected, and it heralds the end of the nation’s longest recorded expansion period and a steep drop from the previous quarter’s 2.1% growth.