Market Updates
First Quarter GDP Declined at 1.6% After Third Revision
Brian Turner
29 Jun, 2022
New York City
The first quarter GDP shrink was revised higher to 1.6% annual rate from the previous estimate of 1.5%, the Bureau of Economic Analysis said today.
The decrease was revised down 0.1 percentage point from the second estimate released in May.
In the first quarter, there was a resurgence of COVID-19 cases from the Omicron variant and decreases in government pandemic assistance payments.
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