Kadina Group president Gary B. Smith gives economic outlook on ‘Fox Business Tonight.’
President Biden on Thursday said he is “not concerned” about a recession in the immediate future, just hours after the Commerce Department announced that the U.S. economy shrank 1.4% at the beginning of 2022 — marking the worst quarter in two years.
Gross domestic product (GDP), the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
US ECONOMY SHRANK 1.4% AT BEGINNING OF 2022, MARKING WORST QUARTER IN 2 YEARS
Refinitiv economists expected the report to show the economy had expanded by 1.1%. It marked the worst performance since the spring of 2020, when the U.S. economy was still deep in the throes of the COVID-induced recession.
In this photo provided…
