US economy collapses by almost 5% – official data announced

Over the past quarter, the US economy contracted 4.8%.

US economy collapses by almost 5% - official data announced

Such data on Wednesday, April 29, leads the US Department of Commerce.

According to the agency, for the first time in six years of GDP, total production and services are declining quarterly. In addition, the decline was called the most rapid since the US economy collapsed by 8.4% in the fourth quarter of 2008.

According to forecasts, the contraction of the economy, which was observed from January to March, will only be a harbinger of a much darker report for the second quarter of this year, which was accompanied by a halt in business activities and massive layoffs. Congressional Budget Office estimates that second quarter GDP will fall by 40% year on year.

As News Front previously reported, according to surveys, most Americans are committed to extending quarantine measures, no matter how much damage the economy causes. At the same time, 8 out of 10 Americans are preparing for a new wave of the COVID-19 epidemic.