Washington-Sana
The US government announced that the US economy contracted in the first quarter of the year amid a record trade deficit.
Reuters quoted the government as saying today in its third estimate of gross domestic product: that this output fell at an annual rate of 1.6 percent in the last quarter, which means a slowdown in the pace of inventory build-up by companies due to supply chain disruptions and a shortage of workers.
The US central bank this month raised its policy rate by three-quarters of a percentage point, its biggest rise since 1994, while the Federal Reserve has raised its policy rate by 150 basis points since March.
Retail sales also fell in May and building permits and new buildings fell, bringing consumer confidence in June to its lowest level in 16 months.
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