The U.S. economy shrank at a 4.8% pace during the first three months of 2020 as the coronavirus spread, the steepest contraction since the last recession. KPMG Chief Economist Constance Hunter issued this statement this morning:
"GDP fell by 4.8% (SAAR) and rose by 0.3% y/y signaling that the initial impact of #COVID19 is severe and economically devastating. This suggests a Q2 GDP of at least -30% and a slow recovery which will be bolstered by improved disease treatment."
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