Fed government revises first-quarter GDP, contraction worse than originally estimated


stock market crash bear economy worthy ministries 2(Worthy News) – The Commerce Department has revised its first-quarter real gross domestic estimate to show the U.S. economy contracted at an annualized rate of 1.5%, compared to its original estimate in late April of 1.4%.

The revised number released Friday shows the economy is in worse shape than previously thought and marks the worst quarter since the second of 2020, during the height of the pandemic.

“America’s economic situation is worse than the Biden administration originally estimated and the initial data for the month of April from the Census Bureau and Bureau of Labor Statistics points to continued trouble in the second quarter,” said EJ Antoni, an economics research fellow with the conservative-leaning Heritage Foundation, in Washington, D.C. “The blame for this economic contraction lays squarely at the feet of the Biden administration, Congress and the Federal Reserve.” [ Source: Just the News (Read More…) ]

12
people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Poll: Majority of Voters Concerned With Rise of Socialism, Communism
U.S. Army Moves to Put Nuclear Microreactors on Five Military Bases
Trump Renames Lake Ontario ‘Lake America’ as U.S.-Canada Trade War Deepens
Two Killed In German School Attack; Teen Suspect Detained
Indonesia Protests Turn Violent; Scores Detained
Board of Peace Envoy Warns Hamas Must Disarm as Gaza Plan Stalls
Gang Attack on Haiti Church Leaves 47 Dead, Dozens Kidnapped
NBC: Iranian Strikes Reportedly Caused Billions in Damage to U.S. Intelligence Sites
U.S. Designates Palestine Action as Global Terrorist Group, Imposes Sanctions
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Books by George Whitten

The Biblical Fall Feasts Revealed cover

The Biblical Fall Feasts Revealed https://biblicalfallfeasts.com

An in-depth look at the Biblical fall feasts and their prophetic significance for believers today.

Buy on Amazon
Identity in Messiah Revealed cover

Identity in Messiah Revealed https://identityinmessiah.com

A devotional journey calling believers out of self-doubt and into confident, Kingdom-rooted identity in the Messiah.

Buy on Amazon

As an Amazon Associate I earn from qualifying purchases.