The U.S. gross domestic product, the broadest measurement of goods and services output, fell 4.8% in the first quarter compared with the preceding quarter. This marked the first decline since 2014 and the worst contraction of GDP since the 2008 financial crisis.
As the majority of stores closed in the U.S., personal consumption expenditures, including goods and services, plunged 8% in the quarter. Specifically, spending of durable goods slumped 16.1%, while expenditures on service were down 10.2%.
In addition, gross private domestic investment, which includes change in private inventories and fixed investment in nonresidential and residential products, also dropped 6%. It is the fourth quarter of decline since 2019.
Moreover, exports fell 8.7% and imports dropped 15.3%. Services were hit by the most in both, with a 21% drop in exports and 30% drop in imports.
U.S. & World
These numbers, however, reflect only part of the coronavirus' impact on the economy, as the waves of layoffs and business closings that swept the U.S. in late March will be factored into the next quarter's GDP figures.
