The US economy has contracted at an annual rate of 4.8%, the steepest slump since the 2008 recession. This brings the longest ever period of economic expansion in the US to an end.
It is predicted that gross domestic product (GDP) could drop by 30% in the next quarter, as many “stay-at-home” measures were only implemented at the end of this quarter, with a sharp rise in unemployment also anticipated.
35 US states currently have stay-at-home orders in place, with eight states relaxing restrictions. According to Johns Hopkins University, there have now been 1,012,000 confirmed coronavirus cases in the US.