'Take for example the most recent quarter,' says the Commerce secretary, 'problems with the 737 Max probably took something like 0.4%' off GDP.
"Take for example the most recent quarter, Boeing's problems with 737 Max probably took something like 0.4%" off gross domestic product, Ross said. "That will come back when the 737 Max problems are ultimately fixed.", with GDP advancing 2.1% compared to the first-quarter's 3.1% gain.
The 737 Max fleet has been grounded across the globe since mid-March following two crashes over less than five months that killed 346 people combined. Investigators blamed a software problem in the plane's anti-stall automated flight system., due to the Max problems. Shortly after the grounding, analysts began to predict that Boeing's troubles would harm overall U.S. economic growth. Wells Fargo in April projected a 0.2% reduction in second-quarter GDP. Last month, J.P. Morgan estimated the groundings and subsequent production cuts would trim second-quarter economic growth by about 0.1%.
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