RPT-WRAPUP 1-Coronavirus likely hammered U.S. economy in first quarter [Reuters]
ROYAL BANK of SCOTLAND (RBS)
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Source: Reuters
RPT-WRAPUP 1-Coronavirus likely hammered U.S. economy in first quarter (Repeats earlier item with no change to content) * First-quarter GDP forecast contracting at 4.0% rate * GDP estimates as low as 15% pace of decline * Consumer, business spending expected to have plunged * Coronavirus likely ended record longest economic expansion By Lucia Mutikani WASHINGTON, April 29 (Reuters) - The U.S. economy likely contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history. The anticipated decline in gross domestic product (GDP) will reflect a plunge in economic activity in the last two weeks of March, which saw millions of Americans seeking unemployment benefits. The Commerce Department’s snapshot of first-quarter GDP on Wednesday will reinforce analysts’ predictions that the economy was already in a deep recession. “The econ
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