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The decline in the U.S. Department of Commerce's gross domestic product on Wednesday reflected a sharp decline in economic activity in the last two weeks of March, which led tens of millions of Americans to seek unemployment benefits. The rapid decline in GDP has reinforced analysts' forecasts that the US economy is in a deep recession and prepared economists for a record collapse in output in the second quarter.
"If the blockade measures in most states have not been implemented for less than a month, and the economy has fallen so sharply in the first quarter, there is no doubt that how deep the economy will sink in the second quarter will be a complete disaster," said Chris rupkey, chief economist of Mitsubishi UFJ Financial Group.
The U.S. GDP shrank 4.8% year-on-year in the last quarter as healthcare spending fell sharply, dental clinics closed, hospitals delayed selective surgery and non emergency visits, and focused on patients infected with the new coronavirus. The virus can cause fatal respiratory diseases
This is the worst contraction in the US economy since the fourth quarter of 2008. Families have also slashed purchases of cars, furniture, clothing and shoes. Revenues from transportation, hotel accommodation and catering services have also declined significantly.
Companies have tightened their purse strings and cleaned up their inventories, helping to overshadow the good news of falling import spending and rising property and government spending. Economists polled by Reuters had predicted that U.S. GDP would fall 4.0% in the first quarter. The U.S. economy grew at an annual rate of 2.1% in the fourth quarter, its 11th year of expansion and the longest on record.

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