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U.S. GDP contracts 5 percent

Christian Fernsby ▼ | May 29, 2020
The U.S. Commerce Department said gross domestic product contracted at a 5 percent annualized rate in the first quarter, the deepest drop in output since the 2007 to 2009 Great Recession.
U.S. homes
Annualized rate   U.S. homes
The number was more than the 4.8 percent pace estimated last month, as consumer spending and business investment dropped sharply.

Topics: U.S. GDP

In a separate report released yesterday, initial jobless claims for regular state programs totaled 2.12 million in the week ended May 23, while benefit rolls declined for the first time during the pandemic.