U.S. Economic Growth Declined

1.4%

“Gross domestic product unexpectedly declined 1.4% in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984,” CNBC reports. “The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter.” “Rising omicron infections to start the year hampered activity across the board, while inflation surging at a level not seen since the early 1980s and the Russia invasion of Ukraine also contributed to the economic stasis.”

U.S. Economy Grew by Just 3.5% in Trump’s Last Year

3.5%

“The U.S. economy shrank by 3.5 percent last year as the novel coronavirus upended American business and households, making 2020 the worst year for U.S. economic growth since the depths of the Great Recession,” the Washington Post reports. “This is the last GDP report from former president Donald Trump’s tenure. Until the pandemic, Trump was on track for an economic record that put him near the middle of the pack among recent presidents. But the covid-19 crisis has ensured that he is likely to have overseen the slowest economic growth of any president in the period since the Second World War.”