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US economy shrinks in first quarter of Trump & Republican 2.0 amid sweeping tariffs (www.theguardian.com)

submitted 3 days ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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Gross domestic product (GDP), a key measure of overall growth in the US economy, fell by 0.3% in the first quarter of the year, down from 2.4% in the last quarter of 2024. The contraction – the first since the start of 2022 – puts the US on the brink of a technical recession, defined by two quarters of negative growth.

The drop in activity comes amid a huge fall in consumer sentiment, which in April dropped 32% to its lowest level since the 1990 recession.

US stocks dropped Wednesday morning, with the benchmark S&P 500 and technology-focused Nasdaq each falling by as much as 1.5%.

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[–] salacious_coaster@infosec.pub 9 points 3 days ago

No shit? And he's blaming it on Biden, you say? 🤔A thing like that!