U.S. Economy Shrank at 4.8% Pace in First Quarter

“Gross domestic product fell 4.8% in the first quarter,” CNBC reports.

“Economist surveyed by Dow Jones had expected the first estimate of GDP to show a 3.5% contraction.”

New York Times: “Even so, most of the quarter came before the coronavirus pandemic forced widespread shutdowns and layoffs. Economists expect figures from the current quarter to show GDP contracting at an annual rate of 30% or more.”