The US economy is shrinking at the same pace as in 2008, the latest figures show, hitting an annual rate of -4.8% and ending the record six years of expansion. It comes as consumer spending dropped 7.6% in the first quarter of the year and home sales dropped 16%.
Today will see further economic indicators, including jobless claims, expected to hit over 19 million, and person income figures, expected to enter the negative. Tomorrow, we will also see manufacturing PMI figures.
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