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Coronavirus Tackles U.S. Economy In First Quarter

Video Credit: Wochit Business - Duration: 00:36s - Published
Coronavirus Tackles U.S. Economy In First Quarter

Coronavirus Tackles U.S. Economy In First Quarter

According to Reuters, coronavirus tackled the U.S. economy, in the first quarter of the year, "at its sharpest pace since the Great Recession." The Commerce Department explained that the gross domestic product tumbled at a 4.8% annualized rate, after expanding at a 2.1% rate in late 2019.

The country wide lockdown included millions of Americans seeking unemployment benefits in late March, including a sharp drop in consumer spending, which makes up two-thirds of economic activity.


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