Breaking: First Quarter GDP Declined 1.5% – Worse than First ReportedJim Hoft

The Biden gdp declined 1.5% in the first quarter of 2022. This is worse than originally reported and the worst quarter since Dr. Fauci and Dr. Birx shut down the economy in 2020.

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The experts originally reported in April that the economy had declined 1.4%.

The Gateway Pundit reported in April that the US economy was contracting and in the early stages of a recession. Current numbers show the last GDP high was in October 2021.

CNBC reported:

The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending, the Commerce Department reported Thursday.

First-quarter GDP declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a writedown from the initially reported 1.4%.

Downward revisions for both private inventory and residential investment offset an upward change in consumer spending. A swelling trade deficit also subtracted from the GDP total.

The pullback in GDP represented the worst quarter since the pandemic-scarred Q2 of 2020 in which the U.S. fell into a recession spurred by a government-imposed economic shutdown to battle Covid-19. GDP plummeted 31.2% in that quarter.

Hat Tip Bill

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