US gross domestic product, the broadest measure of the American economy, shrank by an annualized rate of 5% between January and March. A preliminary report estimated the first-quarter economy shrank by 4.8%.It was the worst performance for the US economy since the final quarter of 2008, when America was in the midst of the financial crisis. Much of the decline was driven by a sharp drop-off in consumer spending, especially on elective health care procedures.
But the revision shows that the economy was even worse than expected -- despite humming along in January and February before shutting down in March. GDP is expected to contract even more this quarter.Read MoreThis second look at the numbers also included corporate profits, showing that profits from current production declined nearly 14% from the prior quarter -- a decrease of $295 billion between January and March, compared to a increase of $53 billion in the final quarter of 2019.
Hey CNN I know it’s hard for you to do a good job at opinion research, but if you haven’t heard a global pandemic shut down the world for a few months.
😥
Maybe without your fear mongering, things would have gotten better faster.
As XiNN gleefully presents to the world.. the Covid induced US economic downturn... psst! XiNN.. we know who you really work for..don’t we?
Really? What part of the first quarter made you think it would look any better
Trump took over Obama's recovery from the last time Democrats were in charge and trashed it!
“America’s awful economy “ I don’t even know how I would be able to think with out you
So you admit shutting it down was a great idea
CNN’s gleeful reaction to this news is just as we thought tho 🙂🇺🇸🌈💪
Like your ratings
Dow is making a strong comeback
Yeah but dude, the American economy is under attack. Something Boone really seems to want to say.
Thanks a lot, China. He’s still going to win
something something DOW is up, covfefe
Fake news....
Cnn is a complete joke at this point. Please go bankrupt for the good of the country
Thanks China! Time to get back to a booming economy brought on by a pro business administration. OpenTheEconomy
Lockdowns worse than you thought what did you think
It's time to overthrow the criminal Establishment, by any and all means necessary.
Trump's Recession, soon to be Depression.
Gosh, I wonder if lying, joke, pathetic, demonic, manufactured, partisan, vomit news CNN pushing the fake panic for a virus with a 99.5% recovery rate, no worse than the flu, had anything to do with it?
And you'll want to keep close... FakeNews
when state and local governments force stop the private econony, what else should be expected but this?
CNNFakeNews cheering on bad news
It would have been catastrophic if a Democrat was in charge when this Chinese Virus hit Americia! Obama proved that.
market has risen 6000 points since March, that's awesome for pensions, IRA's & 401ks
Man, maybe you shouldn't have put out all that fear porn on the virus. Oh, wait, you still are.
Duh. What is it 38 million now applied for unemployment? That’s what happens when you shut down the entire country
Created by the fear via the media - nice job making us all gutless wimps
gee wonder how we did that to ourselves..
The media is concerned if the lockdowns are lifted that the economy will bounce back so they have to tell people lifting lockdowns is a bad idea and that the lockdowns has zero to do with the economy.
'Than we (CNN) hoped'
Doom and gloom ......
The most outrageous most ridiculous headline I have ever read on Twitter
::::::: You’ve done your job, . Scaring the independence out of North America.
Why would the expectation be anything different. Business as we knew was stopped. Focus in safe recovery
CNN rooting for bad times for political purposes
can hardly contain their excitement over the economy being in bad shape. You guys are disgusting.
COVIDIOTS try harder
You love to see this......
CNN sucks and so does China.
CNN spreading Doom. fakenews
Thanks liberals for that
....said gleefully. bettingonourfailure
We know who to blame That guy who is president Donald J. Trump, duh🙄 politicshaiku
And the crazy liberals and CNN are in love with this!
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No shit That's what happens when you shut everything down
Eat a turd, CNN.
CNN celebrates! Trump2020 because he will fix it again.
NO WORRIES, BIGGEST SCAM EVER PERPETRATED ON US ECONOMY IS FALLING APART MFKRS STAY TUNED 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
This isn’t going to get Biden elected 😂
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