The US economy shrank slightly faster in the first quarter
CNN, CNNBUSINESS
By Anneken Tappe, CNN Business
America’s economy shrank at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday.
US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5%, adjusted for seasonal swings, according to the second estimate of the data.
Last month, the Commerce Department’s advance estimate of the data showed GDP had contracted at a rate of 1.4%. Economists had expected Thursday’s revisions to improve slightly, with a decline of 1.3%.
The update was driven by revisions to private inventory and residential investments, even as consumer spending was revised higher.
No matter the update, the first quarter was a sharp slowdown from the 6.9% growth rate recorded in the fourth quarter of 2021. It also marked the worst quarter since the pandemic recession in the second quarter of 2020.
This is a developing story. It will be updated.
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