The economy of USA remains strong despite official data showing a 1.4% GDP drop in the first quarter of 2022, the president said Joe Biden Thursday.
“The american economydriven by working families, remains resilient in the face of historic challenges,” the president said, stressing that “technical factors” affected performance between January and March.
The Department of Commerce He assured in his report that the result is much worse than expected and that it came after the economy expanded by 6.9% in the last quarter of 2021.
The decrease was due to the decrease in public spendingincreased imports, as companies tried to rebuild inventories amid tight supplies, and declining exports, as well as the blow represented by the Omicron variant of Covid-19.
However, according to the data, consumer spending rebounded 2.7%, while business spending rose 7.3%, both increases from the previous quarter.
Since Biden came to the White Housein January 2021, the american economy recovered millions of jobs lost during the pandemic and achieved a 5.7% expansion last year.
However, his popularity has fallen amid record inflation that has Americans paying more for gasolinefood, rent and other necessities.