Weatherman2020
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First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3% Dow Jones estimate and a write-down from the initially reported 1.4%.
The pullback in gross domestic product represented the worst quarter since the pandemic-scarred Q2 of 2020.
Initial jobless claims totaled 210,000, a decline of 8,000 from the previous week.
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The pullback in GDP represented the worst quarter since the pandemic-scarred Q2 of 2020 in which the U.S. fell into a recession spurred by a government-imposed economic shutdown to battle Covid-19. GDP plummeted 31.2% in that quarter.
Economists largely expect the U.S. to rebound in the second quarter as some of the factors holding back growth early in the year subside. A surge in the omicron variant slowed activity, and the Russian attack on Ukraine aggravated supply chain issues that had contributed to a 40-year high in inflation.
CNBC's Rapid Update survey shows a median expectation of 3.3% growth in the second quarter; the Atlanta Fed's GDPNow tracker also points to a rebound, but at a more subdued 1.8% pace.
www.cnbc.com
The adults are back in charge!
First-quarter GDP declined at a 1.5% annual pace, worse than the 1.3% Dow Jones estimate and a write-down from the initially reported 1.4%.
The pullback in gross domestic product represented the worst quarter since the pandemic-scarred Q2 of 2020.
Initial jobless claims totaled 210,000, a decline of 8,000 from the previous week.
...
The pullback in GDP represented the worst quarter since the pandemic-scarred Q2 of 2020 in which the U.S. fell into a recession spurred by a government-imposed economic shutdown to battle Covid-19. GDP plummeted 31.2% in that quarter.
Economists largely expect the U.S. to rebound in the second quarter as some of the factors holding back growth early in the year subside. A surge in the omicron variant slowed activity, and the Russian attack on Ukraine aggravated supply chain issues that had contributed to a 40-year high in inflation.
CNBC's Rapid Update survey shows a median expectation of 3.3% growth in the second quarter; the Atlanta Fed's GDPNow tracker also points to a rebound, but at a more subdued 1.8% pace.
First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower
The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending.
