U.S. economy shrank by 1.4% in Q1 but consumers kept spending

PBN Staff

April 28, 2022 9:22 am

Unemployment Benefits — The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, yet consumers and businesses kept spending in a sign of underlying resilience. MATT ROURKE / ASSOCIATED PRESS FILE PHOTO

WASHINGTON (AP) – The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, but consumers and businesses kept spending in a sign of underlying resilience. The steady spending suggested that the economy could keep expanding this year even though the Federal…