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| Economy |
| First-quarter economic growth revised down slightly to negative 1.5% annual rate |
| 2022-05-28 |
| [Washington Examiner] GDP fell at a 1.5% annualized rate in the first quarter of 2022, a revised estimate from the Bureau of Economic Analysis showed Thursday morning. The decline in inflation-adjusted GDP is a major reversal from the previous quarter, when growth soared to a 6.9% rate as businesses began healing faster from the pandemic as restrictions were lifted. The first quarter of this year marks the first such contraction since the second quarter of 2020, when the economy suffered from the enormous shock of coronavirus shutdowns. The decline in GDP for the first part of this year fueled anxiety among some economists that a recession is around the corner. "While we still expect the Fed to steer the economy toward a soft landing, downside risks to the economy and the probability of a recession are increasing," economists from Oxford Economics said after the report was released. The country is being plagued by explosive inflation, with consumer prices increasing by 8.3% in the 12 months ending in April. As a result, the Federal Reserve has embarked upon a historic interest rate hiking cycle designed to slow the economy and tame the rising prices. |
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| Posted by: Dale 2022-05-28 14:56 |
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| Posted by: Glenmore 2022-05-28 09:53 |
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| Posted by: NN2N1 2022-05-28 06:55 |