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GDP Plummeted 4.8% in First Quarter

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The United States economy fell a stunning 4.8% in the first quarter of 2020, showing a glimpse of the coronavirus's effect. The -4.8%, however, will be a dramatically better number than the US's Q2 GDP number, as the economy only dealt with the coronavirus's effects for less than a month in quarter 1.

Early estimates of the impact of the coronavirus on the economy and people of the United States have shown to be consistently more optimistic than what has come to pass. In February, the President predicted that the 15 cases in the US at the time would soon be 0. Two days ago we surpassed 1,000,000 confirmed cases.

In January, US commerce secretary Wilbur Ross stated that the coronavirus would likely be "good" for the economy and could boost the number of jobs in the United States. Unemployment is likely over 20%, if not 30%.

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