Economic Indicators
U.S. GDP Fell Annualized 1.4% in First Reading for 1Q
2022.04.28 16:07
By Geoffrey Smith
Investing.com — The U.S. economy contracted at an annualized rate of 1.4% in the first quarter, badly affected by the wave of Omicron-variant Covid-19 that deterred travel and put much of the country under mobility restrictions.
The development indicated a far bigger hit to growth than analysts had expected. Consensus forecasts had been for annualized GDP growth of 1.1%, down from 6.9% in the fourth quarter of last year.
Most recent GDP data have tended to be revised higher, to reflect the fact that the government’s method for compiling them doesn’t completely reflect the change in working trends triggered by the pandemic.
