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Oggetto Discussione: US GDP slumped 4.8% in the first quarter Posta RispostaInserisci Nuova Discussione
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xysoom
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Registrato: 26 Mag 20
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Postato: 18 Ott 20 alle 09:42 | IP Salvato Riporta xysoom

US GDP slumped 4.8% in the first quarter



US gross domestic product fell at a 4.8% annualized rate
in the first quarter, according to Commerce Department
figures released Wednesday. The report showed that the
longest-ever economic expansion that started following
the Great Recession has officially ended. Now, economists
are watching to see how bad second quarter GDP may slump
as the coronavirus pandemic continues in the US.Visit
Business Insider's homepage for more stories.To get more
news about WikiFX, you
can visit wikifx official website.

  The longest-ever US economic expansion is officially
over. US gross domestic product fell at a 4.8% annualized
rate in the first quarter, according to Commerce
Department figures released Wednesday. Economists
expected that GDP would shrink by a 3.8% annualized rate
in the first quarter, according to Bloomberg data. The
slump from January through March reflects the sharp
economic impact of country-wide shutdowns to curb the
spread of Covid-19. In March, most of the US went into
lockdown mode — states banned non-essential business,
sent workers home, and told residents to practice social-
distancing.“Today's first quarter numbers are just the
deeply unappetizing appetizer,” wrote Ian Shepherdson,
chief economist of Pantheon Macroeconomics, in a
Wednesday note.

  The GDP contraction has ended the longest-ever
economic expansion that took place in the US after the
Great Recession of 2007-2009. During the record
expansion, the unemployment rate fell to a 50-year low of
3.5%, and the US economy added jobs for 113 months in a
row.
The manager of the best small-cap fund of the past 20
years explains why he's betting big on a consumer
recovery — and shares his top 4 stock picks in the
struggling sectorNow, it's likely that a coronavirus-
induced recession started in the first quarter. A slew of
economic indicators point to extreme fallout in the US
economy.In just five weeks, 26 million Americans have
filed for unemployment claims, effectively erasing more
than a decade of job creation in just over a month. In
addition, industrial production has fallen, retail sales
have declined at a record pace, and housing sales have
slumped.

  While some economists mark the beginning of a
recession as two consecutive quarters of GDP contraction,
official arbiters have a more comprehensive approach. The
National Bureau of Economic Research says a recession is
“a significant decline in economic activity spread
across the economy, lasting more than a few months,
normally visible in real GDP, real income, employment,
industrial production, and wholesale-retail sales.” Any
official call will take some time, as the bureau's
Business Cycle Dating Committee weighs whether a
recession began in March, when much of the US was shut
down amid the coronavirus pandemic, or if the economy
started trailing off at the end of February. Going
forward, economists will be watching to see how bad the
situation becomes and weigh what shape a recovery might
take. The worst may be yet to come — first quarter GDP
could be revised even lower as more data is collected.In
addition, second quarter GDP is expected to fall at an
even sharper annualized rate. Economists expect major
slumps, ranging from Bank of America's -30% estimate to
JPMorgan's -40% forecast.
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