May 27 (Xinhua) According to comprehensive foreign media reports, data released by the U.S. Department of Commerce on May 26 showed that the inflation-adjusted gross domestic product (GDP) fell by an annualized rate of 1.5% in the first quarter.The initial value was down 1.4%.Growth in consumer spending, which accounts for the largest share of the economy, was revised up to 3.1 percent.
U.S. corporate profits fell the most in nearly two years in the first quarter and the broader economy shrank as some businesses struggled to offset soaring costs.
Data map: On May 23, local time, an vacant shelf in a large supermarket in New York, the United States was posted with a notice that "infant formula milk powder is out of stock".Photo by China News Agencyreporter Liao Pan
Faced with rising raw material, transportation and labor costs, many companies have sought to pass the cost on to customers by raising selling prices, the report pointed out.However, consumers are also facing multi-decade high inflation as input costs continue to rise.
