(BEA) The gross domestic product of the US declined by an annual rate of 1.5% in the first quarter of 2022, slightly worse than the advance estimate of a 1.4% fall.
The GDP decline comes after surging by 14.5% in the fourth quarter. In current-dollar terms, US GDP declined by a 6.5% annual rate in the first quarter to $24.38 trillion.
The price index for gross domestic purchases ticked higher by 8.0%, accelerating from a gain of 7.0% in the fourth quarter.
The PCE price index was up 7.0%, compared to 6.4% in the prior quarter. Excluding food and energy, the PCE price index was up 5.1%, compared to a gain of 5.0% in the prior quarter.
The disposable personal incomes went lower by $7.5 billion or 0.2% in the quarter, compared to an increase of $72.4 billion in the last quarter.
Personal savings was recorded at $1.03 trillion in the quarter, down from $1.45 trillion in the last quarter. The personal savings rate was 5.6% from 7.9%.
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