GDP contraction deepens giving fresh recession clues amid soaring inflation

Posted on AllSides June 29th, 2022
From The Right
(Photo by Michael Nagle/Xinhua via Getty Images / Getty Images)

The final revision of first-quarter gross domestic product confirmed a larger contraction of the U.S. economy than earlier readings, supporting the view that a recession is either in progress or coming, say economists, as inflation rages and stocks head for the worst first half of a year since 1970.

The latest report released by Commerce Department on Wednesday showed that gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.6% on an annualized basis in the three-month period from January through March. The initial report...

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