The news comes as president Joe Biden is trying to stave off anxiety about inflation. Mr Biden mostly pinned the blame on outlying factors in a statement yesterday.
"While last quarter's growth estimate was affected by technical factors, the United States confronts the challenges of Covid-19 around the world, Putin's unprovoked invasion of Ukraine, and global inflation from a position of strength," he said. Mr Biden also mentioned how consumer spending, business investment and residential investment increased.
White House press secretary Jen Psaki reiterated the president's stance during a later press conference, saying there were still very positive data points, such as the rise in consumer spending.
This story is from the April 29, 2022 edition of The Independent.
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This story is from the April 29, 2022 edition of The Independent.
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