Q1 Economic Growth Revised Down

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The economy is even worse than was initially thought.

The GDP for quarter one has been revised down.

The US economy shrank 1.5% – this is the worst since the second quarter of 2020.

From The Washington Examiner:

U.S. gross domestic product fell at a 1.5% annualized rate in the first quarter of 2022, a revised estimate from the Bureau of Economic Analysis showed Thursday morning.

The decline in inflation-adjusted GDP is a major reversal from the previous quarter, when growth soared to a 6.9% rate as businesses began healing faster from the pandemic as restrictions were lifted.

The first quarter of this year marks the first such contraction since the second quarter of 2020, when the economy suffered from the enormous shock of coronavirus shutdowns.