U.S. economy shrinks 1.4 percent in first three months of the year, raising fears of recession
The
U.S. economy unexpectedly shrank at a
1.4% annualized rate in the first 3 months of 2022 after more than a year of rapid growth, according to a
Bureau of Economic Analysis report released Thursday. The new data could fuel growing concerns about a recession amid steady inflationary pressures and uncertainty over the
war in Ukraine.
The slowdown — the first since the
Сovid recession ended in April 2020 — marks a reversal from the torrid pace that followed intense fiscal and monetary stimulus in the wake of the pandemic. Last year, for example, the
U.S. economy grew by 5.7%, the fastest full-year clip
since 1984.
