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5/28, 2:31 PM (Source: TeleTrader)
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US GDP contracts 5% in Q1

Gross domestic product (GDP) of the United States shrank by 5% in the first fiscal quarter of 2020 compared to the same period in the previous year, according to the second estimate from the Bureau of Economic Analysis published on Thursday. The figure has been revised downward in comparison to the previous estimate by 0.2 percentage points.

The price index for gross domestic purchases rose by 1.7% in the first quarter, marking a rise of 0.3 percentage points from the previous trimester. The personal consumption expenditures (PCE) price index climbed 1.3%, representing a quarterly decline of 0.1 percentage points. Excluding food and energy prices, the PCE price index was up 1.6%, showing a 0.3 percentage point increase from the previous three-month period.

Breaking the News / MS