NEGATIVE GROWTH: GDP Takes An Unexpected Nosedive

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The U.S. economy under President Joe Biden has shrunk for the first time since the beginning of the pandemic despite inflation continuing to surge and prices remaining elevated.

U.S. real gross domestic product (GDP) decreased at an annual rate of 1.4% in the first quarter of 2022, according to Thursday data from the Bureau of Economic Analysis (BEA), marking the first time the economy has shrunk since the second quarter of 2020, the height of the COVID-19 pandemic.

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