U.S. economic activity saw a substantial contraction in the first quarter of 2020, according to a report released by the Commerce Department on Wednesday.
The report said U.S. real gross domestic product decreased at an annual rate of 4.8 percent in the first quarter following the 2.1 percent jump in the fourth quarter of 2019.
The decrease in real GDP in the first quarter reflected negative contributions from consumer spending, non-residential fixed investment, exports, and private inventory investment.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.