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Omicron, trade weigh on US economy in first qtr; GDP declines at 1.4% rate

The first decrease in gross domestic product in nearly two years was mostly driven by a wider trade deficit as imports surged, and a slowdown in the pace of inventory accumulation

Topics
US economy | US economic growth | United States

Reuters  |  Washington 



US economy, jobs, employment, workers
Gross domestic product fell at a 1.4% annualized rate last quarter, the government said in its advance GDP estimate. (Photo: Bloomberg)

The U.S. unexpectedly contracted in the first quarter amid a resurgence in COVID-19 cases and drop in pandemic relief money from the government, but the decline in output is misleading as domestic demand remained strong.

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First Published: Thu, April 28 2022. 20:23 IST

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