US economy sees surprise Q1 contraction despite solid spending
Washington (AFP) - The US economy shrank in the first quarter of 2022 as the Omicron variant of the coronavirus hampered activity and companies bought more foreign products to rebuild depleted inventories, in the latest complication for a country already struggling with record inflation. Analysts however downplayed the likelihood that a recession was coming, noting that the Commerce Department data released Thursday showed consumers and businesses stepping up spending in the first three months of the year -- both indicators of economic health. The 1.4 percent decline in GDP was nonetheless unw......
Apr 28, 2022