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Translated by MOS English Team – Mark Wen
Data released by the U.S. Department of Commerce on May 26 showed that after adjusting for inflation in the first quarter, the gross domestic product (GDP) fell by an annualized rate of 1.5%, compared with a 1.4% decline in the previously announced initial value. Growth in consumer spending, which accounts for the largest share of the economy, went up to 3.1%.
Faced with rising raw material, transportation and labor costs, many companies have sought to pass the cost on to customers by raising retail prices, the report pointed out. However, consumers are also facing a decade-high inflation as production costs continue to rise.
Edited by: MikeHua
Posted by: Peter Chen
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