U.S. GDP shrunk unexpectedly in the first quarter of 2022, a major red flag for Joe Biden’s economy.
The Details: The decline, 1.4 percent annualized, came ass a shock to most economists who had actually predicted the economy would grow in the first quarter of the year.
The drop apparently stemmed from a surging U.S. trade deficit.
The news is reportedly unlikely to change the Federal Reserves’ decision to raise interest rates during its upcoming May meeting.
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