US economy unexpectedly shrinks 1.4% in first quarter of 2022

Below expectations

Elliot Gulliver-Needham
clock • 3 min read
The US Federal Reserve

The US Federal Reserve

US GDP unexpectedly shrank by 1.4% on an annualised basis in the first quarter of 2022, below expectations of 1% growth and down from 6.9% in the fourth quarter of 2021.

The US Bureau of Economic Analysis reported today that GDP had shrank for the first time since mid-2020 amid ongoing supply chain disruptions and rising inflation. The report stated that the decline...

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