:max_bytes(150000):strip_icc()/GettyImages-2216356168-b29908ca89d840969d1fbe4b2063e745.jpg?w=1920&resize=1920,1075&ssl=1 "Economy Shrank Less Than Previously Thought in First Quarter")
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key takeaways
- The US economy shrunk 0.2% in the first quarter, initially less than 0.3% by the Bureau of Economic Analysis.
- The decline in economic growth was mainly due to the increase of imports as people fled to buy things from abroad before Kicking President Donald Trump’s tariff. Imports are reduced by GDP clan.
- Despite the better GDP figures, a major column of consumer expenses, economy’s health, was revised downwards.
According to the revised data released on Thursday, the US economy decreased slightly compared to earlier in the first quarter.
GDP shrunk at an annual rate of 0.2% in the first quarter at an annual rate of 0.2%, the Bureau of Economic Analysis said on Thursday that after revising the advance data with new information. It was less than 0.3%, which was initially a shortage of bureau in April. GDP data is to be modified once before finalizing.
Despite better GDP data, some details of reports showed the economy in a slightly worse position. Consumer expenses of the development of the economy were revised downwards, but there was an increase in business investment created for that slip.
Economists stated that the declining GDP, the first negative growth since 2022, was mainly due to the people running to buy imported products before capturing President Donald Trump’s tariff. The value of imports matters against the total GDP.
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