GDP Fell 1.2% 1Q-22 As Imports And Inventory Issues Overwhelm Consumer And Business Spending

Nearly all the economists who forecast the US economy got it wrong. The Bureau of Economic Analysis released its first “advance” estimate of real growth of US gross domestic product for 1Q-22 April 28, and it surprised nearly everyone on the downside. It fell at a 1.4% annualized rate. The consensus forecast for 1Q-22 by Blue…