The U.S. economy just experienced the biggest contraction since the Great Recession

A sign alerts customers that a business in Queens is closed

(Image credit: Getty Images)

published 29 April 2020

The coronavirus pandemic has dealt the U.S. economy its biggest quarterly contraction since the Great Recession.

The Commerce Department on Wednesday said that the economy contracted 4.8 percent during the first quarter of 2020, the worst decline in a quarter since 2008, The Washington Post reports. In the fourth quarter of 2008, the economy contracted 8.4 percent. This was the first quarterly drop in gross domestic product in six years, The Associated Press also notes.

The 4.8 percent number was worse than the 3.5 percent that economists were expecting, but experts warn the second quarter will be far more bleak, as the Post notes a decline of more than 30 percent is expected. Businesses in the United States began to close their doors near the end of the first quarter of 2020, and CNBC notes the latest Commerce Department numbers only factor in a few weeks of this shutdown.

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Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.

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