Macroeconomic outlook report: USA

During the first quarter of 2022, US GDP continued the recovery started in 1Q21, despite a slight decline compared to 4Q21, registering a rate of 3.60%. Regarding external demand, the growth of imports outpaced that of exports. Regarding the labour market, the unemployment rate slowed down compared to the same quarter of the previous year, to 3.80%. The year-on-year rate of change in employment stood at 4.88%, after a significant year-on-year increase. In addition, inflation in the period increased from the previous quarter to 8.15%. Finally, the dollar appreciated against the euro, with an average exchange rate of 1.12 $/€ during the first quarter of the year.

Macroeconomic outlook report: USA 1Q22

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Macroeconomic overview

• The US economy experienced an increase in the year-on-year change in GDP to 3.60 %, despite a decline of 1.90 p.p. from the previous quarter. This slow recovery was due to persistent supply chain disruptions, as well as other global issues such as the conflict in Ukraine or the ongoing COVID quarantines in China.
• Regarding the labour market, the unemployment rate improved by 0.40 p.p. from the previous quarter to 3.80 %. On the other hand, the year-on-year employment growth rate accelerated by 1.28 p.p. compared to 4Q21, reaching 4.88%.
• Regarding the exchange rate, the dollar increased against the euro compared to 4Q21, with an average exchange rate of 1.12 $/€ in 1Q22.
• Inflation registered a rate of 8.15% in 1Q22, after an acceleration of 1.71 p.p. compared to the previous quarter.

For more information, click here to access the executive document in pdf (only avalaible in English).