US in recession as economy shrinks at 4.8% rate in first quarter

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New figures from the government this morning show the impact of the corona virus pandemic on the economy here's CBS's Pam Coulter the figure was even worse than expected the commerce department says the economy shrank at an annual rate of four point eight percent in the first quarter as the country began to battle the virus outbreak it's the worst showing since two thousand eight economists had predicted a four percent decline in the gross domestic product retail sales were down a record eight point seven percent in March in the manufacturing sector had its worst drop in output since nineteen forty

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