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The Guardian - US
The Guardian - US
Business
Dominic Rushe

US economy saw ‘unexpectedly severe’ drop in first three months of year

United States Economy Paul Ashworth Inflation Omicron Pandemic
Shoppers in New York City on 24 October 2021. Consumer spending, the largest component of the US economy, grew 0.7% in the first quarter despite the impact of the Omicron wave of the coronavirus.
Shoppers in New York City on 24 October 2021. Consumer spending, the largest component of the US economy, grew 0.7% in the first quarter despite the impact of the Omicron wave of the coronavirus. Photograph: Bloomberg/Getty Images

The US economy shrank in the first three months of the year, contracting by -0.4% in the first quarter, or -1.4% on an annualized basis, its weakest quarter since the early days of the pandemic.

Economic growth slowed markedly at the start of the year. In the last three months of 2021 US gross domestic product (GDP) – a broad measure of the economy – grew by 1.7% or 6.9% on an annualized basis.

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