Top news
US economy contracts for first time since mid-2020
By Kate Duguid
U.S. GDP fell at a 1.4% pace to start the year as pandemic recovery takes a hit
By Jeff Cox
Why the U.S. economy shrank in the second quarter of 2022 - The Washington Post
By Rachel Siegel, Abha Bhattarai & Alyssa Fowers
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Formerly TwitterJason Furman
jasonfurman
GDP growth was < yesterday's expectation & slightly below what was expected in Feb. But well above what we had expected earlier.
Survey of Professional Forecasters expectations for real GDP in Q1:
Feb-23: 1.3%
May-23: 1.0%
Aug-23: 1.1%
Nov-23: 0.8%
Feb-23: 2.1%
Actual: 1.6%
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Jason Furman
jasonfurman
GDP growth came in a bit below expectations at a 1.6% annual rate in the first quarter.
But much of the slowdown was in non-inertial items like inventories (-0.35pp) and net exports (-0.86pp). The better signal of final sales to private domestic purchasers was 3.1%. pic.twitter.com/bIv8s5yMtA
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Gregory Daco
GregDaco
🇺🇸US Economy Disappoints for the Right Reasons
📉 Real #GDP only advanced 1.6% annualized in Q1 2024, following strong +3.4% in Q4 '23
But while the headline print missed expectations by a mile, most of the shortfall stemmed from stronger imports pulled in by solid final demand pic.twitter.com/o6nwsIDCjv
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Gregory Daco
GregDaco
🇺🇸 US Economy: Disappointing Spring🌸
📉Real #GDP in Q1 2024
✅+1.6% q/q
✅+3.0% y/y
🛒Consumer +2.5%
🏘️Resid +13.9%
👩💻Biz invest +2.9%
🔻Inventory -0.4pt
📦Trade -0.9pt (strong imports⚠️)
🏦Gov +1.2%
📉PCE #inflation
⤵️Headline 2.6% y/y (-0.2pt)
⤵️Core 2.9% (-0.3pt) pic.twitter.com/DGRqKIzOh3
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All coverage
Dependence on China shrinks the US economy in Q1
By David P. Goldman
U.S. G.D.P. Report: G.D.P. Report Shows the U.S. Economy Shrank, Masking a Broader Recovery (Published 2022)
By Ben Casselman, Joseph Smith & Jeanna Smialek
U.S. GDP Falls 1.4% as Economy Shrinks for First Time Since Early in Pandemic
By Sarah Chaney Cambon