Gross domestic product fell in the first quarter, as businesses slowed their inventory buildups and exports declined. It is the first negative growth number for the U.S. economy since the spring of 2020 at the onset of the pandemic.
Driving the news: The economy contracted at a 1.4% annual rate in the first three months of the year, the Commerce Department said Thursday. That compares with 6.9% growth in the fourth quarter of 2021.
