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GDP Dips Beyond Forecasts

May 31, 2022

Stressed couple at table

The US economy contracted by 1.5% on an annual basis during the first quarter. The latest release by the Bureau of Economic Analysis exceeded the 1.3% dip expected by economists. It is the first quarterly drop since the second quarter of 2020. Despite the reading, consumer spending remains strong and the AP reports that the economy has probably regained growth in the current quarter.