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.
Firing in Oklahoma, US: Attacker targets hospital; 4 killed, himself killed
An incident of firing has come to light in the US state of Oklahoma on Wednesday. Four people hav
FIFA WC 2022: Switzerland's game plan overshadowed Cameroon, defeated 1-0 in a thrilling match
FIFA WC 2022 Qatar: In the FIFA World Cup 2022, Switzerland made a winning start by defeating Cam
The first semi-final match of the ICC Cricket World Cup 2023 is between India and New Zealand. Th
Thalaivar 171 First Poster: Filmmaker Lokesh Kanagaraj, who has given blockbuster films like Mast
Smartphone brand Poco has launched its mid-range smartphone Poco F5 5G in India. This phone has b
Russia US Sanctions: Russia's counterattack, sanctions imposed on 61 US citizens
Russia has imposed sanctions on 61 US citizens. This was announced by the Ministry of Foreign Aff
Samsung New Budget Smartphone: Samsung is going to launch a new budget smartphone in India very s
Tributes were paid to the country's first Chief of Defense Staff (CDS) General Bipin Rawat, who w
Education Budget 2024: The Finance Minister can make big announcements for education, skill development, and employment, these are the expectations
The first budget of the third term of the NDA government led by Prime Minister Narendra Modi is bein
It is almost certain that India will play in the final of the World Test Championship. In the Tes