Gross domestic product declined by 1.4 percent over the first quarter of 2022, according to data from the Bureau of Economic Analysis released on Thursday.
Economists had predicted a GDP growth rate of about 1 percent for the first quarter.
The contraction comes after the economy grew by 5.5 percent in 2021, and by 6.9 percent in the final quarter of 2021 alone.
The news comes after the Federal Reserve announced in March that it will raise interest rates over the course of the year. Meanwhile, Deutsche Bank told clients on Tuesday that the U.S. will likely enter a recession.
“We will get a major recession,” the bank said in a report.
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