The contraction in the economy in the first three months of 2025 was slightly smaller than originally reported, a government update showed, but the underlying message was the same: Ongoing trade disputes are hampering U.S. growth.
Gross domestic product fell at an annual rate of 0.2% in the first quarter instead of 0.3% as originally reported, the Bureau of Economic Analysis said Thursday. GDP is the official scorecard of the economy.
The economy officially shrank for the first time in three years because of a surge in imports that pushed the trade deficit to record highs. Trade deficits subtract from GDP.
Slower consumer spending was another factor.
Chee_Koala@lemmy.world 3 weeks ago
(this is satire:)
Well, you know what they say! If its bad, it’s still Biden fault because the Republicans inherited a economy in shambles. If its good, this was the plan al along. Heil Trump.
/s
sj_zero 3 weeks ago
It's cool guys! We had two consecutive quarters of economic decline and found out that's not a recession because (checks paper) because I said so.
So everything is fine forever and it's actually good if the economy shrinks!