US economy shrinks 1.4 per cent as concerns of recession rise
The US Gross Domestic Product shrank at an annual rate of 1.4 per cent in the first three months of 2022 as concerns about a recession rise.
The news comes as President Joe Biden is trying to stave off concerns about inflation. Mr Biden mostly pinned the blame on outlying factors in a statement on Thursday.
“While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of Covid-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength,” he said. Mr Biden also mentioned how consumer spending, business investment and residential investment increased.
White House Press Secretary Jen Psaki spoke about the results during a press conference on Thursday and said there were still very positive data points, such as how consumer spending rose.
“The number was down but that is largely because our economy is doing better than many…
