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US First Quarter GDP Shrinks 1.4%, S&P 500 Holds Gains but Uncertainty Rises

April 28, 2022

Via: DailyFX

The U.S. economy hit the brakes and downshifted abruptly during the first three months of the year, marking a sharp turnaround from the robust 6.9% expansion recorded at the end of 2021. According to the Department of Commerce, first-quarter gross domestic product, the broadest measure of goods and services produced in the country, fell 1.4% on an annualized basis, the first contraction since the onset of the COVID-19 pandemic in 2020. Economists surveyed by Bloomberg News had forecast a 1.1% increase in output during this period.

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