Economic activity in the U.S. slumped by slightly more than previously estimated in the first quarter of 2022, according to revised data released by the Commerce Department. Real domestic product slid by 1.5 percent in the first quarter compared to the previously reported 1.4 percent drop. The slightly bigger than expected pullback came after GDP skyrocketed by 6.9 percent in the fourth quarter of 2021. The Commerce Department said the slump in GDP in the first quarter reflected decreases in private inventory investment, exports, and government spending along with an increase in imports, which are a subtraction in the calculation of GDP. Increases in consumer spending nonresidential fixed investment, and residential fixed investment helped limit the downside.
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