U.S. economy shrinks 4.8% in Q1, fall sharpest since 2009 

#GS3 #Economy  

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.  
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