US economy hit by unexpected slowdown ...News

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US economy hit by unexpected slowdown
source : Russia Today ( News ) () 24
The country’s GDP shrank 1.4% in the first quarter, data shows The US economy unexpectedly declined by an annualized rate of 1.4% during the first three months of 2022, the Department of Commerce said on Thursday, while noting that consumers and businesses kept spending despite the slowdown. According to the report, the first quarter was hampered by a slower restocking of goods in stores and warehouses as well as a plunge in exports. “The report isn’t as worrisome as it looks,” lead US economist at Oxford Economics Lydia Boussour was quoted as saying by AFP. “The details point to an economy with solid underlying s

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