The US economy contracted. Don't panic
CNN
The economic recovery from Covid-19 stumbled in the first quarter, but that doesn't mean a recession is imminent.
Gross domestic product unexpectedly declined at an annual rate of 1.4% during the first three months of the year — the worst quarter for the American economy since the pandemic turned the world upside down in the spring of 2020.
However, economists say Thursday's ugly — and confusing — GDP report is not a reason for panic, nor a harbinger of an immediate recession. It was distorted by temporary factors, most notably a massive trade deficit due to supply disruptions, that mask underlying strength in the economy.
More Related News