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The US economy shrank slightly faster in the first quarter

Summary by Ground News
US gross domestic product decreased at an annualized rate of 1.5%, adjusted for seasonal swings. The update was driven by revisions to private inventory and residential investments, even as consumer spending was revised higher. No matter the update, the first quarter was a sharp slowdown from the 6.9% growth rate recorded in the fourth quarter of 2021.
1 month ago·El Paso, United States

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The US economy shrank slightly faster in the first quarter

By Anneken Tappe, CNN BusinessAmerica’s economy shrank at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday.US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5%, adjusted for seasonal swings, according to the second estimate of the data.Last month, the Commerce Department’s advance estimate of the data showed GDP had contracted at a rate of 1.4%.…

1 month ago
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