US decade of growth ends as virus contracts GDP by 4.8%

Washington (AFP) – The US economy’s decade of expansion ended dramatically in the first quarter as the coronavirus pandemic caused GDP to shrink by 4.8 percent, and second quarter growth is set to plummet even further.The decline — the biggest fall in GDP in 12 years and slightly worse than analysts had expected — came after the pandemic forced businesses to close and halted purchases and investments, the Commerce Department said Wednesday.Yet the report noted it could not quantify the full economic effects of the virus, and the figures are expected to sink well into the double digits in the…

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HEDGE accordingly