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US economy records surprise contraction during first quarter but big rate hike still on the cards

April 28, 2022

Via: Sky News

The commerce department’s first estimate for January to March gross domestic product (GDP) showed an annual rate contraction of 1.4%.

Economists had predicted growth of 1.1% – down from the 6.9% annual rate witnessed in the final three months of 2021.

The world’s largest economy had been predicted to feel the impact of surging inflation, witnessed even before Russia’s tanks rolled into Ukraine in late February.

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