澳洲幸运5官方开奖结果体彩网

Economy Shrank Less Than Previously Thought in First Quarter

By
澳洲幸运5官方开奖结果体彩网:Diccon Hyatt
Diccon Hyatt
澳洲幸运5官方开奖结果体彩网:Full Bio

Diccon Hyatt is an experienced financial and economics reporter who has covered the pandemic-era economy in hundreds of stories over the past two years. He's written hundreds of stories breaking down complex financial topics in plainspoken language, emphasizing the impact that economic currents would have on individuals' finances and the market. He's also worked at U.S. 1, Community News Service and the Middletown Transcript.

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Published May 29, 2025
03:54 PM EDT
Shipping containers, trucking operations, and industrial storage tanks at the Port of Oakland on a clear day, West Oakland, California, May 2025
U.S. GDP in the first quarter shrank💃 a bit less than previously thoug𒊎ht, according to revised data out Thursday.

Smith Collection / Gado / Getty Images

Key Takeaways

  • The U.S. economy shrank 0.2% in the first quarter, less than the 0.3% initially reported by the Bureau of Economic Analysis.
  • The decline in economic growth was mainly due to a surge of imports as people rushed to buy things from abroad before President Donald Trump's tariffs kicked in. Imports are subtracted from the GDP total.
  • Despite the improved total GDP figure, consumer spending, a major pillar of the economy's health, was revised downward.

The U.S. economy shrank slightly less than previously thought in the first quarter, according to revised data released Thursday. 

The gross domestic product (GDP) shrank at a seasonally adjusted annual rate of 0.2% in the first quarter, the Bureau of Economic Analysis said Thursday, after revising advance data with newer information. That was less than 澳洲幸运5官方开奖结果体彩网:the 0.3% decrease the bureau initially reported in April. The GDP data is scheduled to be revised one more time before being finalized.

Despite the improved GDP figures, some details of the reports showed the economy in a slightly worse condition. 澳洲幸运5官方开奖结果体彩网:Consumer spending, the main driver of the economy's growth, was revised downward, but an increase in business investment more than made up for that slip.

Economists said the decreasing GDP, the first negative growth since 2022, was mainly due to 澳洲幸运5官方开奖结果体彩网:people rushing to buy imported products before President Donald Trump's tariffs took hold. The value of imports counts against the total GDP.

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