The final reading on first-quarter GDP out Wednesday is expected to confirm that the economy’s contraction in the spring was larger than earlier estimates.
The contraction last quarter was the first drop in GDP since the second quarter of 2020 when the U.S. was deep in the throes of the COVID-19 recession. The 2022 drop also followed a robust 6.9% expansion in the final three months of 2021.
Traders work on the floor of the New York Stock Exchange NYSE in New York, the United States, June 16, 2022. Economists expect some slowdown in the economy as the Federal Reserve continues to bump up interest rates to cool inflation and will be looking for indications of whether a full-fledged recession – defined by two consecutive quarters of contractions – is brewing.
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