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U.S. GDP Contracts as Consumer Spending Weakens, Raising Economic Concerns
U.S. GDP Contracts as Consumer Spending Weakens, Raising Economic Concerns
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BTCCSquare news:
The U.S. economy stumbled in the first quarter, with the Bureau of Economic Analysis revising its GDP estimate downward to a 0.5% annualized decline. This marks the first negative growth since early 2022, reversing the previous quarter's 2.4% gain.
Two primary factors drove the contraction: a surge in imports as businesses raced to beat impending tariffs, and a sharp slowdown in consumer spending on travel and leisure. The latter saw revisions from 1.2% growth down to just 0.5%.
The persistent weakness raises recession alarms, as consecutive quarters of declining GDP have historically signaled economic downturns. Market participants are watching closely, as such macroeconomic headwinds typically create volatility across asset classes.
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