(DCWatchdog.com) – HAPPENING NOW: – The latest economic news hitting the United States this morning increases concerns about the economy’s impending collapse.
The U.S. Bureau of Economic Analysis released data this morning showing that gross domestic product (GDP) fell at an annualized rate of 1.4 percent over the first quarter of 2022.
This decline is despite economists predicting a GDP growth rate of around 1% for the first quarter. After the economy had grown by 5.5% in 2021 and 6.9% in the last quarter of 2021.
Reports by analysts that the United States is well on the way to a major recession were also reported as soon as the news broke.
Deutsche Bank informed clients Tuesday that the United States is almost certain to fall into recession.
“We will get a major recession,” Deutsche Bank wrote in a report sent to clients headlined, “Why the coming recession will be worse than expected.”
The report went on to note that the Federal Reserve will keep aggressively raising interest rates to bring down inflation to the Fed’s stated goal of 2 percent. Troubling most economists is the fact that the Consumer Price Index (CPI) rose 8.5 percent in March compared with the same month last year, the highest increase since the 12-month period ending December 1981.
This is a breaking news report from the DC Watchdog.
