GDP falls by 4.8 percent, bringing longest economic expansion on record to abrupt halt [View all]

[turbinetree]

It's by far the lowest reading in the past decade, and shows to what extent the coronavirus has slammed the brakes on a healthy economy.

April 29, 2020, 8:36 AM EDT
By Lucy Bayly
The coronavirus pandemic has slammed into the economy so hard the nation's GDP has fallen by 4.8 percent, bringing the longest economic expansion on record to an abrupt halt.

Gross domestic product, which measures the output of goods and services, sank by 4.8 percent in the first quarter on an annualized basis, according to an initial estimate from the Department of Commerce released Wednesday morning.

It's the steepest decline since the Great Recession, which ended in 2009. Economic growth was tracking at or above 2 percent until mid-March.

With most of the nation stuck at home, large swaths of the economy have shuttered, throwing 26 million people out of work. Consumer spending, which drives around two-thirds of economic growth, has plummeted.

https://www.nbcnews.com/business/business-news/gdp-falls-4-8-percent-bringing-longest-economic-expansion-record-n1195106

And as for Mnuchin your an idiot...........you can't wish.............

You think this is why the republicans are telling people to go back to work or else..........after all its only about 188 days left before there is an election...........