U.S. economy slipped 1.6% to start year; return to growth eyed

Associated Press

06/29/2022

Economy-GDP — ROWS OF FRESH cut beef is in the coolers of the retail section at the Wight's Meat Packing facility in Fombell, Pa. The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a healthy pace, the government reported Wednesday. / KEITH SRAKOCIC / ASSOCIATED PRESS

WASHINGTON (AP) – The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest measure of economic output — since the second…