News in Review Wednesday 4th May 2022
The US economy contracted in Q1 as surging inflation and supply disruptions weighed on output. A slower pace of inventory investment by businesses also weighed on the growth of the world’s largest economy, as did fading government stimulus. The 1.4% decline in gross domestic product in the first quarter marked a sharp turnaround from the 6.9% annual growth rate recorded in the final quarter of last year and is considerably lower than the 1% growth widely estimated by economists.
