US economy contracted more than initially reported in Q1 as consumption dropped

The U.S. economy shrank at an annualized pace of 1.6% in the first quarter, reflecting a deeper contraction than previously reported.

The Bureau of Economic Analysis's third and final estimate of first-quarter GDP released Wednesday morning showed a 1.6% annualized drop in economic growth to start 2022, more than the 1.5% previously reported and which was expected by economists, according to estimates from Bloomberg.... (Read more)

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