GDP Goes Negative: Economy Shrinks -1.4% as 2022 Begins
https://www.breitbart.com/economy/2022/04/28/gdp-goes-negatives-1-4/The U.S. economy contracted in the first three months of 2022 as the economy was battered by a surge in Covid-19 cases from the Omicron variant, ongoing supply chain problems, surging fuel prices, and a flood of imports.
The Burea of Economic Analysis said on Thursday that Gross Domestic Product decreased at an annual rate of 1.4 percent in the first quarter of 2022. Economists had expected the economy to grow 1.1 percent, so this was far worse than expected.
Private inventory investment, exports, and government spending fell in the first quarter. Imports, which are a subtraction from GDP, surged.
The economy shrunk in the first quarter.
