The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season
shrank again in the last three months, unofficially signaling the start of a recession.
The growth rate stands in marked contrast to the robust 6.9% annual increase in GDP recorded in the final quarter of 2021 when the economy roared back from Covid shutdowns. The changing economic environment was reflected in the GDP report. Consumer spending – the largest driver of the economy – slowed over the quarter but remained positive, rising 1% on an annual basis. Residential fixed investment, or home construction, dropped 14% on an annual basis and slowing business inventories, goods produced but not yet sold by businesses, dragged down the GDP number.
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