Effect of epidemic: Big blow to America, economy shrank at 1.4 percent in the first quarter


Posted on 29th Apr 2022 03:57 pm by rohit kumar

The US economy has suffered a major setback amid the global crisis. The US economy shrank at an annual rate of 1.4 percent in the first quarter. The Department of Commerce of the Bureau of Economic Analysis has given this information. This is the first major contraction in the US economy since the start of the Corona pandemic.

 

the recession caused by the corona pandemic

 

The US economy shrank in the last quarter for the first time since the pandemic hit recession two years ago. However, consumers and businesses have continued to spend as a sign of flexibility. Weak performance does not mean that a slowdown is likely in the coming months. Most economists are expecting a rebound in the April-June quarter.

 

Steady spending by households and companies suggests the economy will continue to expand this year, even as the Federal Reserve plans to aggressively raise rates to fight inflationary growth. Q1 growth was primarily hampered by slower clearances in stores and warehouses and a sharp decline in exports.

 

The Commerce Department's estimate Thursday for first-quarter GDP The country's total output of goods and services fell well below the 6.9% annual growth in the fourth quarter of 2021. The economy as a whole has grown by 5.7% for 2021.

 

The US economy is facing a variety of pressures. This has raised concerns about its strength and concerns about a possible slowdown next year. Inflation is taking a toll on people as gas and food prices rise, borrowing costs are rising and the global economy is battered by Russia's invasion of Ukraine and China's COVID-19 lockdowns.

 

Also Read: Make in India: The production sector increased by 4.6 times in two years, new orders and investment played an important role in the growth

1 Like 0 Dislike
Previous news Next news
Other news

Sidhu Moosewala murder wires were also linked to Pakistan, and weapons were sent to the shooters from across the border

There has been a big disclosure in the Punjabi singer Sidhu Moosewala murder case. After Canada,

Delhi: Government schools will open in Delhi from November 9, and private sabotage and construction work will be banned.

Delhi Environment Minister Gopal Rai has announced that primary schools will be opened from Novem

Himachal Rain: Terrible scene in Kullu, three buildings collapsed like cards; Watch the havoc of the disaster in the video

Heavy Rain in Himachal: The rain has created a ruckus in Himachal Pradesh. It has been raining co

Asus ROG Phone 7: Asus gaming smartphone launched in India, will get a 165Hz refresh rate with 16GB, know the price

Asus ROG Phone 7 series has been launched in India. This series includes the Asus ROG Phone 7 and

West Bengal: Blast before CM Mamta's nephew Abhishek Banerjee's Medinipur rally, TMC leader injured

There was a huge explosion in East Medinipur of West Bengal last night. There is news of some peo

Opposition's Bharat Bandh on 'Agneepath' today: RPF-GRP Alert; Anand Mahindra will give chance to Agniveers in his group, said- I am saddened by the violence

The Agneepath plan of the army is being opposed in many states. Many organizations have called fo

Sri Lanka Protest: Nationwide strike against hike in tax rates in Sri Lanka, life disrupted

Sri Lankan trade unions called for a nationwide strike on Wednesday to protest against the hike i

PM Narendra Modi Autograph: Kareena Kapoor-Saif Ali Khan met PM Narendra Modi, took autographs for sons Taimur and Jeh

December 14 is the 100th birth anniversary of showman Raj Kapoor. On this occasion, the Kapoor fa

IND vs NZ: India finally defeated New Zealand, defeated Kiwi team after 20 years in the ICC tournament

The Indian team has overcome the big hurdle of New Zealand in the World Cup. It defeated the Kiwi

Parliament Session: Rahul Gandhi said- first there should be a discussion on the NEET scam in the House, this is a matter related to the future of the country

As soon as the proceedings of the Lok Sabha began this morning, there was an uproar over the NEET

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash