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SMLL - GDP Prints At A Disastrous -4.8%; Worse To Come
Direxion Daily Small Cap Bull 2X Shares
New York (April 29) - Gross Domestic Product growth for the First Quarter of 2020, or “2020 Q1 GDP”, printed down 4.8%, below the consensus estimate of a 4.0% decline and well below our most recent estimate of a flat GDP. The decline was led by a chart-busting 5.26% decline in Personal Consumption Expenditures (“PCE”). That, in turn, was led by a decline of 4.99% in Services that was offset by an increase in consumer non-durables.
Average GDP growth for the last four quarters printed at just 0.35 percent. That compares to average GDP growth