GDP Declined in First Quarter

28 April 2022

The first read for Q1 GDP is out this morning, and it surprised to the downside to a negative -1.4%. Expectations were for +1.0% growth, following Q4’s robust +6.9%. It’s the first negative quarter since Q2 2020, which was considered the “heart” of the pandemic — or at least the heart of the impact of the initial Covid shutdown.