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GDP declines 'worse than thought' at 1.5%, worst quarter since the Covid recession of Q2 2020


“Worse than thought” GDP is actually different from “worse than expected” GDP as this is the second estimate of GDP and not the first. Or something:


From CNBC:

First-quarter gross domestic product declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a write-down from the initially reported 1.4%.

And this makes Q1 2022 “the worse quarter since the pandemic-scarred Q2 of 2020”:

But, don’t worry. . .

The AP says this “1.5% drop in GDP does not likely signal the start of a recession”:

At least not yet, anyway:


Now, not to rain on the AP’s parade, but there ARE signs that a recession is coming:

And big-name money managers are warning “the risk of recession has increased”:

Does anyone think oil and food prices are coming down anytime soon?

Lawrence Summer is sounding the alarm as well:





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THUD: Q2 GDP growth at just 6.5% vs. 8.4% expectations


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