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US economy contracts in first quarter; outlook fuzzy
Wed, 2022-06-29 23:47
WASHINGTON: The US economy contracted slightly more than previously estimated in the first quarter amid a record trade deficit and supply chain disruptions, government data showed on Wednesday.
The Commerce Department’s third estimate of gross domestic product also showed some under- lying softness in the economy, with consumer spending revised lower and inventories higher than reported last month. This does not bode well for domestic demand and the economic outlook amid recession jitters as the Federal Reserve aggressively tightens monetary policy to tame inflation.Main category: Business & Economy