2 years ago
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ARTICLE AD BOX
Published12 minutes ago
Image source, Reuters
The US economy contracted in the first three months of the year partly due to a resurgence in coronavirus cases disrupting businesses.
Figures from the Commerce Department showed that gross domestic product fell at an annualised rate of 1.4%.
Slower economic growth was expected in the first quarter of the year, but the figure was worse than forecast.
It is the first contraction in the economy since the pandemic-induced recession in 2020.
Economists polled by Reuters had originally forecast the economy grew at a rate of 1.1%.
English (US)