Economists say today's ugly — and confusing — GDP report is not a reason for panic, nor a harbinger of an immediate recession.
Gross domestic product unexpectedly declined at an annual rate of 1.4% during the first three months of the year — the worst quarter for the American economy since the pandemic turned the world upside down in the spring of 2020.However, economists say Thursday's ugly — and confusing — GDP report is not a reason for panic, nor a harbinger of an immediate recession.
"Trade turns GDP negativeHowever, many of the positives were offset by one-off factors.Most notably, imports skyrocketed during the first quarter as US supply failed to meet soaring demand. That widening trade gap subtracted 2.5 percentage points from the GDP.
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