The US economy got a double-barreled dose of unexpected bad news yesterday as GDP contracted by 1.4% in Q1 and the most powerful engine of the economy—e-commerce titan Amazon—posted its first quarterly loss since 2015.
Amazon said it lost $3.8B in Q1, a huge downward swing from the more than $8B in profits the company reaped in Q1 2021.
Perhaps most surprising of all was the news that Amazon's online sales dropped for the first time since the company began disclosing this metric five years ago, and—for the first time since the beginning of the pandemic—in-store retail sales in the US in March grew while e-commerce slowed down.
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