{"id":1456937,"date":"2022-04-28T13:45:16","date_gmt":"2022-04-28T17:45:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1456937"},"modified":"2022-04-28T13:45:19","modified_gmt":"2022-04-28T17:45:19","slug":"us-economy-shrinks-as-recession-fears-rise","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-shrinks-as-recession-fears-rise\/","title":{"rendered":"US Economy Shrinks as Recession Fears Rise"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-shrinks-as-recession-fears-rise%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1456937&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>The U.S. economy shrank in the first quarter of 2022 as the trade deficit widened, the first contraction since the country began its economic recovery from the pandemic.<\/p>\n<p>Gross domestic product decreased 1.4 percent, according to <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-04\/tech1q22_adv.pdf\" target=\"_blank\" rel=\"noopener\">figures<\/a> released Thursday by the Commerce Department, which partially attributed the decrease to the surge of COVID-19 cases caused by the Omicron variant. The economy&#8217;s performance fell short of the Dow Jones&#8217;s conservative\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/04\/28\/us-q1-gdp-growth.html\" target=\"_blank\" rel=\"noopener\">projection<\/a> of 1 percent growth, according to CNBC.<\/p>\n<p>A large majority of Americans worry that economic numbers like these indicate a recession on the way, CNBC <a href=\"https:\/\/www.cnbc.com\/2022\/04\/05\/most-americans-are-worried-about-a-recession-hitting-the-us-in-2022.html\" target=\"_blank\" rel=\"noopener\">reported<\/a> this month.<\/p>\n<p>Asked Thursday about the report and recession fears, President Joe Biden touted the increase in consumer spending and rising employment this year.<\/p>\n<p>&#8220;I&#8217;m not concerned about a recession,&#8221; Biden <a href=\"https:\/\/twitter.com\/tomselliott\/status\/1519716557252931585?s=20&#038;t=NQJbMy14hXsDgrQHxXtNXA\" target=\"_blank\" rel=\"noopener\">said<\/a>. &#8220;I mean, you&#8217;re always concerned about a recession. \u2026 But here&#8217;s the deal, we also had last quarter consumer spending and business investment and residential investment increase at significant rates.&#8221;<\/p>\n<p>The economy&#8217;s contraction was primarily driven by a widening of the trade deficit, which reached a <a href=\"https:\/\/freebeacon.com\/latest-news\/us-trade-deficit-tops-1-trillion-for-first-time\/\">record<\/a> $1.08 trillion last year. The March trade deficit in goods was $125 billion, a sharp\u00a0<a href=\"https:\/\/www.marketwatch.com\/story\/u-s-trade-deficit-in-goods-jumps-17-8-to-record-125-3-billion-11651063221\" target=\"_blank\" rel=\"noopener\">increase<\/a> from the same time last year, when it was around $90 billion, according to MarketWatch.<\/p>\n<p>The Commerce Department also found dramatic inflation in the first quarter of the year, estimating that the price of domestic purchases increased 7.8 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. economy shrank in the first quarter of 2022 as the trade deficit widened, the first contraction since the country began its economic recovery from the pandemic. Gross domestic<\/p>\n","protected":false},"author":160,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1456937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1456937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/160"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1456937"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1456937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1456937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1456937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1456937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}