The U.S. economy contracted at a 1.4% annual-ized rate during the first quarter of 2022. Investment in nonresidential structures declined at an annual rate of 0.9% during the quarter and has contracted nine of the past 10 quarters, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Economic Analysis. "The economy's woeful performance during 2022's first quarter complicates matters," said ABC Chief Economist Anirban Basu. "Conventional wisdom says the economy has enough momentum to contend with the tighter monetary policy the Federal Reserve is pursuing to countervail inflation. Today's data indicate that the economy is weaker than thought, which means the Federal Reserve will have a very difficult time curbing inflation without driving the economy into recession in late 2022 or 2023.
展开▼
