At the beginning of the year, the US economy contracted a bit more than previously assumed. Gross domestic product (GDP) fell by an annualized 1.6 percent in the first quarter, the Department of Commerce said on Wednesday for final calculations. At the end of May, a previous estimate was still minus 1.5 percent. While US consumers continued to provide momentum with their spending, exports fell by almost 5 percent and caused a record trade deficit. In the final quarter of 2021, the US economy had grown strongly by 6.9 percent. The US Federal Reserve is currently tackling high inflation in the US by raising interest rates sharply.
Economy – US economy weaker – economy
