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U.S. Economy Shrank 1.6% at the Start of 2022-Though Recession Is Not Imminent, Economists Say
1 month ago | By Time
WASHINGTON - The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter.
It was the first drop in gross domestic product - the broadest measure of economic output - since the second quarter of 2020, in the depths of the COVID-19 recession , and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking.
Last month, the Commerce Department had pegged first-quarter GDP growth...
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