Teh One Who Knocks
04-28-2022, 01:08 PM
By Megan Henney | FOXBusiness
https://i.imgur.com/L6uGNzi.jpeg
The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
Refinitiv economists expected the report to show the economy had expanded by 1.1%.
https://i.imgur.com/L6uGNzi.jpeg
The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
Refinitiv economists expected the report to show the economy had expanded by 1.1%.