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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No shit? And he’s blaming it on Biden, you say? 🤔A thing like that!
This ain’t Biden. This is allllll Trump, baby. 📉
