"The report isn’t as worrisome as it looks. The details point to an economy with solid underlying strength that demonstrated resilience in the face of Omicron, lingering supply constraints and high inflation."

Lydia Boussour, lead U.S. economist at Oxford Economics, commenting to The Associated Press after the Commerce Department reported late last week the first quarterly decline in gross domestic product since the pandemic hit in 2020, as noted in the AP story, “U.S. Economy Shrinks, Threats Loom, But Growth Likely to Last.”