By The FirstNew data released from the Federal Government Thursday shows the US economy shrank by 1.4% in the first quarter of 2022, the worst period since the start of the COVID-19 pandemic two years earlier.
From Fox News:
The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
Refinitiv economists expected the report to show the economy had expanded by 1.1%.
This is a developing story. Please check back for updates.
