Q1 GDP plunged 2.9%, the worst reading since 2009.
Reuters’ Vincent Flasseur has provided a breakdown of how GDP’s components fared. The real damage came in inventories, or stocks, which fell 1.7%; and trade balance, which had been foreshadowed by surging imports and flagging exports, contributing a loss of 1.5%.
We also noted earlier how a drop in healthcare spending stifled consumption.
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