US Federal Reserves
The US economy contracted by a 1.5 per cent annual rate in the first quarter of 2022, largely because of a record trade deficit.
Corporate profits fell for the first time in five quarters.
The decline in gross domestic product was revised from a previously estimated 1.4 per cent dropoff.
Most of the weakness in first-quarter GDP stemmed from a sky-high US international trade deficit.
Lower government spending and business inventories also contributed.
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