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GDP update to give fresh recession clues amid soaring inflation
GDPNow ‘goose egg’ indicates something unknown happening in the economy: Lockhart
Federal Reserve Bank of Atlanta former president Dennis Lockhart discusses what’s next for the FOMC and if the U.S. is close to recession on ‘The Claman Countdown.’
The final revision of first-quarter gross domestic product due out Wednesday is expected to confirm a larger contraction of the U.S. economy than earlier readings, and the fresh GDP data may support the view that a recession is either in progress or coming, say economists, as inflation rages and stocks head for the worst first half of a year since 1970.
The initial report released by Commerce Department in April showed that gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March in a surprise drop after economists polled by Refinitiv expected 1.1% GDP growth for the quarter.