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.
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