U.S. Economy Shrank Unexpectedly In First Quarter

“Gross domestic product unexpectedly declined 1.4% in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984,” CNBC reports.

“The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter.”

“Rising omicron infections to start the year hampered activity across the board, while inflation surging at a level not seen since the early 1980s and the Russia invasion of Ukraine also contributed to the economic stasis.”