Biden Jets Out for One Last Vacation
Watch a Teacher's Letter Attacking Pro-Trump Family Members Blow Up in His Face
Look What These Israelis Used to Make Their Menorah for Hanukkah This Year
Libs Demand Congress Do Something That Was Considered an Act of Armed Rebellion...
Federal Appeals Court Rules Against Law Barring Nonviolent Felons From Owning Firearms
British Transport Police Sued for Allowing Trans-Identified Males to Strip Search Women
Workers in This State Just Won the Right to Bring Their Guns to...
Here's What Has Jen Psaki Raking Democrats Over the Coals
Former Democratic Presidential Candidate Throws Hat in Ring for DNC Chair
Russia Blamed for Devastating Airline Crash That Killed 38 Passengers Near Ukraine
Celebrating Media Mayhem with The Heckler Awards - Part 3: The Individual Categories
Biden Orders Pentagon to Deliver More Weapons to Ukraine Just Weeks Before Leaving...
You Won't Believe What Happened at This Phoenix Airport on Christmas
Texas Woman Arrested and Charged After Authorities Made This Horrifying Discovery
Man Arrested for Attempted Murder After Plowing Car Through Group of People on...
Tipsheet

New GDP Numbers Show the Economy is Shrinking

(AP Photo/Patrick Semansky)

New economic numbers show during the first quarter of the year, the U.S. Gross Domestic Product shrank by 1.5 percent. 

"Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis," the BEA released Thursday morning. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.  In the advance estimate, the decrease in real GDP was 1.4 percent. The update primarily reflects downward revisions to private inventory investment and residential investment that were partly offset by an upward revision to consumer spending." 

Advertisement

"The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased," they continued. 

Meanwhile, inflation and gas prices continue to hit new records with no signs of slowing down.

Advertisement

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement