Economists surveyed by Refinitiv expected the economy to decline by 4 percent.
Economists surveyed by Refinitiv had expected the first estimate of GDP to show a 4 percent decline.
It was the first drop recorded since the first three months of 2014, and the worst since the first quarter of 2009, when the economy contracted by 4.4 percent in the midst of the financial crisis. "Given that the full lockdowns continued through April and most states are likely to continue at least partial lockdowns through May, that leaves June as the only month in the second quarter that may see a possible return to normalcy," he added.The report likely solidifies economists' belief that the coronavirus has pushed the U.S. into a recession. Officially, a recession does not occur until an economy experiences two consecutive quarters of negative growth.
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