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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.