BEA News Release – U.S. Economy at a Glance | Q1 2022

Statistics within the news release by the U.S. Bureau of Economic Analysis (BEA) revealed that the nation’s real gross domestic product (GDP) decreased at an annual rate of 1.4% based on the “advance” estimate for the 1st quarter of 2022, in contrast to the 6.9% increase in the 4th quarter of 2021. It was noted that the onset of the Omicron variant during the 1st quarter resulted in continued restrictions and disruptions in the operations of some establishments in some part of the country at a time when provisions of several federal programs expired or tapered off.

March 2022 estimates for personal income and outlays indicated increases, both personal income and disposable personal income (DPI) increasing 0.5% month-over-month, but at a lesser rate than the 0.7% increases in February. In contrast, personal consumption expenditures (PCE) increased 1.1% in March, versus the 0.6% in the previous month.