United States sees GDP contract by 4.8% in 1Q

The United States posted the worst economic data since the financial crisis of 2008 today, showing its economy contracted by 4.8% in 1Q2020. The decline was the steepest since 4Q2008, when GDP fell by 8.4%. But many economists expect today's figures, published by the US Commerce Department, to mark only the start of a painful economic fallout. Hinesh Patel, portfolio manager at Quilter Investors, said: "While it is no surprise to see the end of the longest economic expansion on record in the US, the pace at which things have reversed is extraordinary and investors should brace themsel...