US gross domestic product (GDP) fell 4.8 percent in the first quarter of 2020 amid the coronavirus pandemic lockdown, according to data released by the Department of Commerce on Wednesday. The decline is worse than expected by economists. It is the first negative GDP reading since the 1.1 percent decline in the first quarter of 2014, and the lowest level since the 8.4 percent plunge in Q4 of 2008 during the global financial crisis. Consumer spending, nonresidential fixed investment, exports and inventories were the biggest drags on the economy. Consumer expenditures, which comprise 67 percent of total GDP, plummeted 7.6 percent in the
Hence then, the article about us economy plunges to start year amid business shutdown worst is yet to come was published today ( ) and is available onRussia Today ( United Arab Emirates ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( US economy plunges to start year amid business shutdown & worst is yet to come )