Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2022. The decrease in real GDP reflected decreases in private inventory ... (full story)

Gross domestic product unexpectedly declined 1.4% in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, the Commerce Department reported Thursday. The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter. A plethora of factors conspired to weigh against growth during the first three months of 2022. Rising omicron infections to start the year hampered activity across the board, while inflation surging at a level not seen since the early 1980s and the Russia invasion of Ukraine also contributed to the economic stasis. While ... (full story)