US economy had it's worst quarter since 2008
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Fortune Reports: In Q1, the U.S. economy had its worst quarter since 2008—and that only included two weeks of shutdowns
In the first quarter, the US economy shrank at 5% rate. This drop is the sharpest decline since the 2008 financial crisis, where it dropped 8.4%.
Economists believe that GDP plunged around 30% from April through the end of this month. That would be the biggest quarterly decline on record, three times bigger than the current record-holder, a 10% drop in the first quarter of 1958.
Many economists believe the economy will bounce back in the second half of the year, with the Congressional Budget Office predicting 21.5% growth from July-September with a 10.4% gain in the 4th quarter.
The panel of economists who have the job of declaring U.S. recessions announced on June 8 that the country had entered a downturn in February, ending the longest economic expansion in U.S. history, 128 months of uninterrupted growth that had begun in June 2009 following the downturn triggered by the 2008 financial crisis.
Trump is predicting a V-shaped recovery, but economists are skeptical.
“The foundation to this recovery is an improving health outlook,” said Lydia Boussour, senior U.S. economist at Oxford Economics. “Amid rapidly rising infections across many states, risks to the outlook are dangerously tilted to the downside.”
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