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Capital Group : US Mid-year Outlook: From recession to recovery

US recovery

The decade-long economic expansion did not end with a whimper. The coronavirus brought it to a screeching halt.

U.S. gross domestic product (GDP) fell 5% in the first quarter, and a steeper decline is likely in the second. Consumer spending, which accounts for about two-thirds of the U.S. economy, slid 13.6% in April, the steepest decline on record.

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