Democrats certainly won’t be running on the strength of the economy.
According to a new report from Fox News the U.S. economy just had its worst quarter in 2 years, with GDP dropping 1.4%. Economist had expected slow growth in the neighborhood of 1.1% —that’s obviously a big miss.
“Today’s shock drop in GDP is a wake-up call that the economy isn’t as strong as we all thought,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It’s possible that GDP gets revised higher next month, as this is just the first release and there will be two revisions, but it is a warning sign.”
From Fox News…
The substantial downturn stems from a widening trade deficit, with the U.S. importing far more than it exported, and a slower pace of inventory investment by businesses in the first quarter.
The latest data comes amid growing fears on Wall Street that a recession is looming in the next two years as a result of the Russian war in Ukraine, soaring inflation and an increasingly hawkish Federal Reserve. With the consumer price index at a 40-year-high, the U.S. central bank is moving quickly to raise rates in an effort to cool demand.
This story is developing…
BREAKING: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 yearshttps://t.co/ZJHjILLNCc
— Fox News (@FoxNews) April 28, 2022
Thank you for visiting