The United States economy shrank by a shocking 1.4% in the First Quarter of 2022, tanking hopes of a recovery following the global covid pandemic and record high unemployment.

“Today’s shock drop in GDP is a wake-up call that the economy isn’t as strong as we all thought,” explained Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It’s possible that GDP gets revised higher next month, as this is just the first release and there will be two revisions, but it is a warning sign.”

 

“Global economic prospects have been severely set back, largely because of Russia’s invasion of Ukraine,” Pierre-Olivier Gourinchas, the IMF chief economist, wrote. “This crisis unfolds even as the global economy has not yet fully recovered from the pandemic.”

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