The U.S. economy contracted by 1.5 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021, due to a record trade deficit and 40-year high inflation, according to revised data released by the Bureau of Labor Statistics on May 26.
The contraction was revised down 0.1 percentage point from the “advance” estimate released in April 2022.
