U.S. Economy Shrank 1.5% In First Quarter Of 2022

The video discusses the revised GDP numbers showing a 1.5% decrease in the first quarter, contrary to expectations. Factors such as rising inflation, the Ukraine war, and the Omicron variant contributed to this decline. The Congressional Budget Office predicts a 3.1% GDP growth for 2022, despite the Federal Reserve's interest rate hikes to control inflation. The CBO remains optimistic about avoiding a recession, although the first quarter results have disappointed economists.

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