Wednesday, January 20, 2021

Tag: U.S. Economy Shrank At 4.8% Rate Last Quarter As Coronavirus Struck; Experts Give Dire Warnings

U.S. Economy Shrank At 4.8% Rate Last Quarter As Coronavirus Struck; Experts Give Dire Warnings

by Joseph Curl, The Daily Caller:

The U.S. economy shrank at a 4.8% annual rate in the first quarter as the coronavirus pandemic prompted states to shut down businesses and led companies to layoff more than 26 million Americans.

After the longest economic expansion in history under President Trump, the gross domestic product (GDP) posted a quarterly drop for the first time in six years, the Commerce Department said Wednesday. The GDP measures the total output of goods and services in the economy.