The U.S. economy shrank at an annualized rate of 4.8% in the first quarter as the coronavirus crisis took hold, the government reported Wednesday, the biggest decline since 2008.
The 1.2% contraction in gross domestic product was the first since the first quarter of 2014, when it declined 1.1%. It was the lowest since the fourth quarter of 2008 during the great recession, when economic output shrank by 8.4%.
Forecasts for the second quarter, which covers the period of April through June, are much worse.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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