The US economic growth rate plunged in the first quarter

New York
CNN Business

America’s economic growth slowed sharply in the first quarter of 2022, data from the Bureau of Economic Analysis showed Thursday.

The nation’s gross domestic product – the broadest measure of economic activity – declined at an annualized rate of 1.4% between January and March.

That was a marked slowdown from the 6.9% growth rate recorded in the final quarter of last year, and the worst performance since the pandemic recession in the second quarter of 2020. Economists had predicted an annualized growth rate of 1.1%, according to Refinitiv.

This is a developing story. It will be updated.

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