First quarter 2020 GDP: U.S. economy contracted for the first time in six years

Ana

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U.S. gross domestic product turned negative for the first time since 2014 in the first three months of the year as the coronavirus pandemic broadened out across the globe and the country in March, dragging output to a near standstill.
Here are some key numbers:
  • 1Q GDP annualized, QoQ: -4.8% vs. -4.0% expected, +2.1% in 4Q 2019
  • 1Q Personal consumption: -7.6% vs. -3.6% expected, +1.8% in 4Q 2019
  • 1Q Core PCE QoQ: +1.8% vs. +1.7% expected, +1.3% in 4Q 2019

 

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