Economy shrinks for the first time in six years and is down nearly 5 percent – the worst quarter for the US since 2008 – The Sun

AMERICA's economy had its worst quarter in six years as the country continues to grapple with the coronavirus crisis.

The US economy contracted between January and March for the first time since the 2008 recession, the US Bureau of Economic Analysis reported Wednesday.

It was the first contraction since the first quarter of 2014 and the worst drop since the fourth quarter of 2008, according to CNN.

America's first-quarter GDP fell at a 4.8 percent annualized rate due to a pause in the economy caused by the coronavirus.

Consumer spending – the biggest contributor to US GDP – dropped at a 7.6 percent annualized rate, its steepest decline since the second quarter of 1980.

 

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