U.S. economy shrinks 4.8% in Q1, fall sharpest since 2009
GDP estimated to plunge at 40% annual rate in April-June
- The U.S. economy shrank at a 4.8% annual rate last.
- The gross domestic product (GDP), the total output of goods and services, posted a quarterly drop for the first time in six years.
- This was the sharpest fall since the economy shrank at an 8.4% annual rate in the fourth quarter of 2008 in the depths of the Great Recession.
- The Congressional Budget Office has estimated that GDP will plunge this quarter at a 40% annual rate.