U.S. GDP Slumps By Unrevised 5.0% In First Quarter
A report released by the Commerce Department on Thursday showed the slump in U.S. economic activity in the first quarter was unrevised from the previous estimate.
The Commerce Department said real gross domestic product tumbled by 5.0 percent in the first quarter, unchanged from the estimate provided last month.
The steep drop in GDP in the first quarter reflects a notable turnaround from the 2.1 percent jump seen in the fourth quarter of 2019.
The decrease was unrevised from the previous estimate as an upward revision to non-residential fixed investment was offset by downward revisions to private inventory investment, consumer spending and exports.