The US economy just logged its worst quarter in nearly two years, thanks to Omicron and inflation levels not seen in 40 years
The nation's gross domestic product -- the broadest measure of economic activity -- declined at an annualized rate of 1.4% between January and March in an abrupt reversal of the prior year's strong growth.While one quarter does not yet make a trend, it is a warning sign for how the recovery is going: Two straight quarters of declining growth meet a commonly used definition of a recession.It was a marked slowdown from the 6.
That means the GDP decline should be taken with a grain of salt, warned Ryan Sweet, senior director of economic research at Moody's Analytics, on Wednesday before the data was published.Exports and government spending also fell, while imports rose. Consumer spending, which is vital to the economy, increased as prices kept rising. Americans spent more on services, led by health care. That offset a small decline in goods spending, which shrank due to lower spending on gas.
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