Constance Hunter on shrinking GDP

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."

For more information or to arrange an interview, please contact Matt Weiss.

 

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Matt Weiss

Matt Weiss

Industrial Manufacturing Corporate Communications Lead, KPMG US

+1 201-307-8138

 

 

Constance L  Hunter

Constance L Hunter

Chief Economist, KPMG US

+1 212-954-3396

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