June 25 (UPI) -- The U.S. economy shrank by 5 percent in the first quarter of 2020, reflecting economic damage from the COVID-19 crisis, the Commerce Department said in an update Thursday.
Citing "rapid changes in demand as businesses and schools switched to remote work or canceled operations," the department said in the report -- its third estimate of first-quarter performance -- that U.S. gross domestic product declined at an annualized rate of 5 percent between Jan. 1 through March 31.