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U.S. GDP Slumps By Slightly More Than Previously Estimated In Q1

Economic activity in the U.S. slumped by slightly more than previously estimated in the first quarter of 2022, according to revised data released by the Commerce Department on Thursday.

The Commerce Department said real domestic product slid by 1.5 percent in the first quarter compared to the previously reported 1.4 percent drop. Economists had expected the decrease in GDP to be revised to 1.3 percent.

The slightly bigger than expected pullback came after GDP skyrocketed by 6.9 percent in the fourth quarter of 2021.

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