The Daily Money: The U.S. economy shrank 4.8% in first quarter due to coronavirus

Today's top stories from USA TODAY Money. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Wednesday, April 29 We've reached the middle of the week. It's Brett Molina here to deliver the latest Money and Tech headlines for Wednesday. We have yet one more sign of the economic toll from the coronavirus pandemic: the U.S. economy contracted 4.8% during the first quarter. The gross domestic product, the value of all goods and services produced in the U.S., dipped as both business and consumer spending plunged due to the virus. Meanwhile, in Detroit, the nation's biggest automakers are running out of time to restart their businesses amid COVID-19. Ford, Fiat Chrysler, and General Motors must bring back assembly factories quickly to avoid further financial costs from shutdowns caused by the pandemic, experts say. Finally, move over Captain America and Batman. The next superhero action figures your kids might want: doctors, nurses and grocery store workers. Want more news? Keep scrolling. Brett Molina, Money/Tech editor GDP fell 4.8% in Q1 as consumer spending tumbled The U.S. economy contracted 4.8% in the first quarter as the coronavirus outbreak shut down businesses and sparked millions of layoffs. Reopening small businesses after COVID-19 Boeing cutting 10% of its jobs What Ford, GM and FCA face as they brace to restart Sorry, Spidey: Docs, nurses new action heroes Report: Simon to reopen 49 malls this weekend Samsung expects profits to decline during pandemic Report: Uber mulls laying off 20% of its staff Fears of virus far away in rural U.S. as stores open Analyst: Ford may need to consider merger after dismal...   FOLLOW US Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102