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© Reuters. By Geoffrey Smith
Investing.com – The US Economy USA It declined by 4.8% annualized in the first quarter of the year, the Office of Economic Analysis said Wednesday, posting the first contraction since 2014 and the deepest since 2008.
The numbers, which are likely to be substantially revised in later estimates, were worse than the expectations of 4.0% of analysts surveyed by Investing.com.
The decline was primarily the result of a collapse in personal consumption, as companies began the process of laying off workers in response to mandatory closings across the country. Personal consumption contributed 5.3 negative points to the general figure. Business investment also decreased another 0.4 percentage points, as investment in equipment decreased by more than 15%, while inventories decreased by 0.5 percentage points.
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