this post was submitted on 01 Jun 2025
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Economics

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Economy shrank 0.2% in the first quarter, updated GDP shows, as trade wars sapped U.S. growth (www.marketwatch.com)
submitted 1 month ago* (last edited 1 month ago) by MicroWave@lemmy.world to c/economics@lemmy.world
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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.

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[โ€“] Chee_Koala@lemmy.world 4 points 1 month ago (1 children)

(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

[โ€“] sj_zero@lotide.fbxl.net 1 points 1 month 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!