Headline RoundupApril 28th, 2022

US Economy Shrank in First 3 Months of 2022

Summary from the AllSides News Team

The U.S. economy unexpectedly shrank in the first quarter of 2022, according to data from the Bureau of Economic Analysis.

Economists had predicted 1% growth in U.S. gross domestic product (GDP) for Q1, leading analysts across the spectrum to call Thursday's data a disappointment. Consumer spending rose 2.7%, while consumer prices rose 7.8%. The Q1 figure was a significant slowdown from the 6.9% growth pace recorded in the final quarter of 2021, and the worst performance for GDP since the COVID-19 pandemic recession in the second quarter of 2020. Analysts on all sides also said that some of the factors fueling the decline, such as a surge in imports, aren't likely to persist. 

The news was covered prominently by news sources on the left, center and right. Many framed the data as worrisome while also highlighting how global markets didn't respond as negatively to the data as some may have expected.

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