The US economy remains strong despite the 1.4% drop: Joe Biden

The US economy remains strong despite the 1.4% drop: Joe Biden

President Joe Biden guaranteed that the United States economy remains “strong”, despite the 1.4% drop in GDP during the first quarter (January-March) of 2022 .

He explained that the performance of the economy suffered an impact due to different “technical factors”.

The data from the Department of Commerce is very unexpected because the forecast of the specialists pointed to a rise of 1.1%. It is even the first recorded drop since 2020, registering a six-quarter upward streak.

He took the opportunity to recognize the enormous effort of the families, since  the US economy is also facing the highest level of inflation in 40 years .

The American economy, fueled by working families, remains resilient in the face of historic challenges,” he said.

It is important to remember that the US economy has managed to remain strong despite the covid-19 crisis, but the challenge still continues. Everything will depend on how quickly they resolve geopolitical and supply chain tensions.

Ben Oakley
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