US economy shrinks 4.8% as coronavirus ends longest expansion in history
by Dominic Rushe in New York from on (#52TGG)
Economic slump in first quarter is worst since 2008 recession, with GDP predicted to fall at annualized 30% in next quarter
The longest economic expansion in US history officially came to an end on Wednesday when the commerce department announced the economy shrank 4.8% in the first three months of the year.
The economic slump, the steepest since the last recession in 2008, is just an early indicator of how severely the coronavirus pandemic has affected the US economy.
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