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    Home » US Economy Shrank at 1.5% Annual Rate in Q1 of 2022
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    US Economy Shrank at 1.5% Annual Rate in Q1 of 2022

    May 26, 20221 Min Read
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    US gross domestic product fell at a 1.5% annualized pace last quarter but was revised down from the 1.4% pace of decline reported in April.

    • The fall in real GDP was attributable to a decline in private inventory investment, exports, federal government spending, and state and local government spending.
    • The current-dollar GDP rose 6.5% at an annual pace in Q1 to reach $24.38 trillion. In Q4, GDP rose 14.5% or $800.5 billion.
    •  The price index for gross domestic purchases rose by 8.0% in Q1, compared with a surge of 7% in Q4. The PCE price index rose 7%, compared with an increase of 6.4%.

    Personal income increased by $248.3 billion in the first quarter to $21.26 trillion. Meanwhile, personal savings dropped to $1.03 trillion in Q1, compared with $1.45 trillion in Q4.

    DXY down -0.20%, EURUSD up +0.38%

    Source: Bureau of Economic Analysis

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