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The nation’s gross home product — the broadest measure of financial exercise — declined at an annualized fee of 1.4% between January and March in an abrupt reversal of the prior yr’s robust progress.
Whereas one quarter doesn’t but make a development, it’s a warning signal for the way the restoration goes: Two straight quarters of declining progress meet a generally used definition of a recession.
A lot of the decline was as a result of a lower in stock funding, which had been booming within the ultimate months of 2021.
Exports and authorities spending additionally fell, whereas imports rose. Client spending, which is significant to the financial system, elevated as costs stored rising.
The worth index monitoring private consumption expenditure rose 7% within the first three months of the yr, or 5.2% when stripping out vitality and meals costs.
A second estimate of first quarter GDP progress shall be printed on the finish of Might.
Correction: An earlier model of this story incorrectly said that the financial system expanded within the first quarter of the yr.
It is a growing story. It is going to be up to date.
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