The final revised data showed that the US economy contracted by 1.6% in the first quarter

The final revised data released by the U.S. Department of Commerce on the 29th showed that the real GDP of the United States fell by 1.6% at an annual rate in the first quarter of 2022, down 0.1 percentage points from the previously released revised data.
The data showed that in the first quarter of this year, personal consumption expenditure in the United States increased at an annual rate of 1.8%, down 1.3 percentage points from the previously released revised data. The investment in non residential fixed assets, which reflects the investment status of enterprises, increased by 10% at an annual rate, 0.8 percentage points higher than the revised data.
Meanwhile, private inventory investment in the United States dragged down the economy by 0.35 percentage points in the quarter, an improvement over the previously revised data. Net exports dragged down the economy by 3.23 percentage points in the quarter, unchanged from the previously revised data.
The U.S. Department of Commerce usually estimates quarterly economic data three times based on continuously improved information. The first estimate of economic data for the second quarter of this year will be released on July 28.