Economy Shrinks 1.4% in First Quarter, Below Expectations
(Worthy News) – The U.S. economy unexpectedly shrank 1.4% annually in the first quarter, the Commerce Department reported on Thursday, a sharp decline from the fourth quarter and below expectations that wavered between slow and negative growth.
Economists had forecast a downshift in the pace of growth from the torrid 6.9% annual rate the economy grew at in the final quarter of 2021. Consensus forecasts had put the first quarter number at about 0.6% annualized growth. [ Source: US News (Read More…) ]
Pelosi on Monday: ‘America Has Seen the Fastest Economic Growth in Almost 40 Years;’ GDP on Thursday: -1.4%
House Speaker Nancy Pelosi (D.-Calif.) sent out a tweet on Monday boasting about what she perceived to be the tremendous performance of the American economy.
Three days later, the Bureau of Economic Analysis reported that the nation’s Gross Domestic Product had declined at an annual rate of 1.4 percent in the first quarter of this year.
“America has seen the fastest economic growth in almost 40 years, with GDP growing last year by 5.7%,” said Pelosi in her tweet. [ Source: CNS News (Read More…) ]
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