The world’s biggest economy looks to be heading into a severe recession with large parts of the country closed for business.
The US economy shrank at an annual rate of 4.8% in the first quarter of the year as coronavirus lockdown measures took their toll.
It was the first quarterly decline in GDP for six years and the biggest since the financial crisis in 2008, according to official figures.
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The US economy suffered its most severe contraction in more than a decade in the first quarter of the year, as the country introduced lockdowns to slow the spread of coronavirus.
The world’s largest economy sank at an annual rate of 4.8%, according to official figures released on Wednesday.
It marked the first contraction since 2014, ending a record expansion.
But the figures just hint at the full crisis, since many of the restrictions were not put in place until March.
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