The US economy shrank 1.6% in the first quarter, not 1.4% as previously thought, adding to recession fears

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newinsightfulfun

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The economy shrank 0.4% in the first quarter. 1.6% is 0.4% extrapolated out to a full 12 months.

Also, this is an inflation-adjusted number. In nominal dollars, the economy still grew substantially.

There is some pretty bad shit going on right now, but this number by itself seems like a pretty shallow dip.