WASHINGTON (AP) — The U.S. economic system shrank at a 1.6% annual tempo within the first three months of the 12 months, the federal government reported Wednesday in a slight downgrade from its earlier estimate for January-March quarter.
It was the primary drop in gross home product — the broadest measure of financial output — for the reason that second quarter of 2020, within the depths of the COVID-19 recession, and adopted a powerful 6.9% enlargement within the last three months of 2021. Inflation is working at 40-year highs, and client confidence is sinking.
Final month, the Commerce Division had