US GDP contracts further in 1Q

The U.S. economy contracted 1.5% on an annualized basis in the first quarter of 2022, according to revised data released by the Bureau of Economic Analysis on Thursday. Economists surveyed by Refinitiv were expecting a seasonally adjusted annual contraction of 1.3%.

The new downward revision for gross domestic product, the broadest measure of goods and services produced across the economy, comes after a previously reported 1.4% contraction. It was the first drop in GDP since the second quarter of 2020 – in the depths of the COVID-19 recession – and followed a robust...