Apr 30th, 2025
US Economy Shrinks as Imports Surge in First Quarter
The US economy contracted by 0.3% in the first quarter due to a surge in imports and moderate consumer spending. This was the first contraction since 2022. These latest GDP figures showed imports rose by an annualized 41.3% - the biggest advance in nearly five years, consumer spending advanced by 1.8%, and government spending dipped. Bloomberg's Michael McKee breaks down the numbers.
