US growth suffered an unexpected halt in the first quarter, with Gross Domestic Product even contracting by 1.4% amid high inflation exacerbated by the war in Ukraine and ongoing problems in supply chains.
A consensus of analysts was expecting growth of 1.1%. “The fall in GDP reflects the fall in private investments, exports, (…) public expenditure by the federal state and local governments, while imports, which are a subtraction in the calculation of GDP, increasedthe Commerce Department said in a statement. The United States favors growth at an annualized rate, ie projected over the entire year at this rate. Other advanced economies, such as France, simply compare to the previous quarter.