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The record-long U.S. economic expansion is over after almost 11 years, with the deepest recession in at least eight decades now under way.

The world’s largest economy shrank at a 4.8 percent annualized pace in the first quarter, the biggest slide since 2008 and the first contraction since 2014, as the need to fight the coronavirus forced businesses to close and consumers to stay home.

The downturn, reported Wednesday by the Commerce Department, was led by the steepest drop in consumer spending since 1980 and the fastest decline in business investment in almost 11 years. The worse-than-expected report reveals the widescale hit to U.S. output from Covid-19 and the subsequent freezing of economic activity.

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