WASHINGTON—The U.S. economy’s first-quarter contraction was slightly steeper than initially estimated, and a key measure of corporate profits weakened as the coronavirus and related shutdowns began to have an effect. Gross domestic product—the value of all goods and services produced across the economy—fell at a 5.0% annual rate in the first quarter, adjusted for seasonality and inflation, the Commerce Department said Thursday.

Source: Wall Street Journal May 28, 2020 12:50 UTC