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This week, the U.S. Bureau of Economic Analysis (BEA) released updated Q1 2020 GDP estimates and Q1 2020 Corporate Profit preliminary estimates.

The BEA originally reported a preliminary estimate of a 4.8% contraction in national Q1 2020 GDP, in April. The BEA updated their estimate this week to a 5% contraction in Q1 2020.  A third Q1 estimate will be released in late June.

Additionally, the BEA also released preliminary estimates for Corporate Profits in Q1 2020.

Profits for domestic financial corporations decreased by $67.4 billion in Q1 2020, in contrast to an increase of $0.7 billion in Q4 2019.

Profits for domestic nonfinancial corporations decreased $169.5 billion, in contrast to an increase of $53.7 billion in Q4 2019.

The full release can be read here.