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The U.S. economy shrank 1.6% in the first quarter, adding to recession fears

The U.S. economy shrank 1.6% in the first quarter, adding to recession fears

 


With a quarter of negative economic growth on the books, the data adds to fears that a recession could be looming.

Real gross domestic product fell at an annualized rate of 1.6% from January to March, according to the BEA’s third and final revision for the quarter.

Previously, the advance estimate released in April indicated a contraction of 1.4%. Last month, that was revised down to 1.5%.

The first quarter GDP performance, which the BEA says includes some unquantified effects of the pandemic and the Omicron variant surge, contrasts with the fourth quarter of 2021, when the economy grew at a rate of 6 .9% compared to the previous quarter.

The first quarter of 2022, however, marked the beginning of the Russian invasion of Ukraine, which sent economic shock waves throughout the global supply chain, as well as in the markets of food, finance and energy.

Domestically, inflation in the United States has soared to levels not seen in decades amid continued supply chain challenges, rising raw material and labor costs. work and soaring oil prices.

Although a recession is usually defined as two consecutive quarters of declining GDP, this is not a hard and fast rule, especially for the people making the official decision. The National Bureau of Economic Research, the arbiter of US recessions, considers a range of indicators in addition to GDP performance and defines a recession as “a significant decline in economic activity that spreads across the economy and lasts more than a few months”.

The preliminary estimate of GDP performance in the second quarter is expected to be released on July 28.

This story is growing and will be updated.

Sources

1/ https://Google.com/

2/ https://www.cnn.com/2022/06/29/economy/gdp-first-quarter-final/index.html

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