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Illustration: Sarah Grillo/Axios

U.S. first quarter GDP data comes out on Wednesday. Estimates are all over the map for how the economy held up through the end of March — while most of the quarter was fine, the last couple of weeks were terrible.

Why it matters: The economy is undeniably in a recession, though official data is slow to confirm that. The Q1 figures will begin to quantify the damage.

  • Analysts' forecasts range enormously, between +1.9% annualized growth on the high end and -10% on the low end. The median forecast, per FactSet, is for a 3.5% annualized drop. There hasn't been a decline that steep since 2009.
  • Data for the current quarter will certainly be far uglier. That will be released on July 30.

Go deeper

Pandemic wipes out 5 years of economic growth in 3 months

The economic decline between April and June caused by the coronavirus pandemic brought the U.S. GDP back to levels last seen in 2015, according to data released Thursday.

Why it matters: While we fell into the hole swiftly, economists are dashing hopes of an equally swift recovery. They warn it could take years for the U.S. to recover.

Senate adjourns without extending expiring unemployment benefits

Photo: Drew Angerer/Getty Images

The Senate has adjourned until 3pm on Monday, as Congress failed to reach an agreement on extending extra unemployment benefits that are set to expire on Friday.

Why it matters: Tens of millions of Americans are out of work and have been receiving $600 per week on top of their regular unemployment payments. That money has been used both to pay expenses and to prop up the broader economy via consumer spending.

Jul 30, 2020 - Economy & Business

Facebook beats Wall Street estimates despite pandemic and boycott

Photo: Thomas Trutschel/Photothek via Getty Images

Facebook's stock was up more than 6% in after-hours trading on Thursday, after the tech giant reported strong revenue growth, despite a global ad slowdown due to the pandemic and a growing advertiser boycott.

Why it matters: Facebook's ability to beat top and bottom line revenue expectations amid the coronavirus crisis and the boycott speaks to the strength of the company's appeal to marketers despite serious challenges.