America's awful economy in the first quarter was even worse than we thought

Posted May 28, 2020 8:52 a.m. EDT

— America's economy fared worse than initially reported in the first quarter, according to the Bureau of Economic Analysis.

US gross domestic product, the broadest measure of the American economy, shrank by an annualized rate of 5% between January and March. A preliminary report estimated the first-quarter economy shrank by 4.8%.

This second look at GDP included corporate profits, showing that profits from current production declined nearly 14% -- a decrease of $295 billion between January and March, compared to a increase of $53 billion in the final quarter of 2019.

Financial corporations recorded a $67 billion profit drop, and non-financial companies logged a $170 billion profit decrease.

This is a developing story. It will be updated

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