US GDP falls 5.0% during Q1, vs 4.8% drop expected

US first-quarter GDP falls 5.0 percent, however the second reading of second-quarter U.S. gross domestic product was expected to remain unrevised at -4.8 percent.

The U.S. economy in the first quarter shrank at its fastest pace since the last recession as the coronavirus pandemic shut down large parts of the country, ending the longest economic expansion on record.

Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally and inflation adjusted annual rate of 4.8% in the first three months, the Commerce Department