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The US economy shrank slightly faster in the first quarter

The US economy shrank slightly faster in the first quarter



Here's what Germany's economy minister proposes for tackling inflationReplayMore Videos ... (15 Videos)Here's what Germany's economy minister proposes for tackling inflationSri Lankans 'losing patience and hope' amid economic crisisWorld Economic Forum Founder stresses cooperation to tackle war and pandemic challengesLuxury watchmakers see good times ahead as shoppers returnInflation is pushing up high fashion prices. Luxury buyers don't seem to mindWorried about a recession? Here are 3 ways to 'bear-proof' your moneyTypical monthly payment for US home up 42% in a yearMoody's chief economist: 'Uncomfortably high' risk of recession in USDeloitte CEO on stagflation fears and how Ireland is positioned for the futureBig Tech and Ireland: How the combination made Ireland one of Europe's wealthiest countries How soaring diesel prices may impact consumersTrivago CEO predicts strong summer travel season despite inflationHere's what investors are worried about as retail stocks plungeStrategist explains why we've 'reached peak inflation'What shape might the next recession take?New York (CNN Business)America's economy shrank at a slightly faster rate than initially reported, the Bureau of Economic Analysis said Thursday.

US gross domestic product, the broadest measure of economic activity, decreased at an annualized rate of 1.5%, adjusted for seasonal swings, according to the second estimate of the data.Last month, the Commerce Department's advance estimate of the data showed GDP had contracted at a rate of 1.4%. Economists had expected Thursday's revisions to improve slightly, with a decline of 1.3%.The update was driven by revisions to private inventory and residential investments, even as consumer spending was revised higher.No matter the update, the first quarter was a sharp slowdown from the 6.9% growth rate recorded in the fourth quarter of 2021. It also marked the worst quarter since the pandemic recession in the second quarter of 2020.Read MoreThis is a developing story. It will be updated.


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