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U.S. economy shrank 0.3% in the first quarter
https://www.cnbc.com/2025/04/30/gdp-q1-2025-.html
*Gross domestic product fell at a 0.3% annualized pace, largely pushed by a surge in imports ahead of President Donald Trump’s tariffs.
*Imports soared 41.3%, driven by a 50.9% increase in goods. Imports subtract from GDP, so the contraction in growth may not be viewed as negatively given the potential for the trend to reverse.
*The report provided cross signals for the Fed. While the negative growth number might push the central bank to consider lowering interest rates, inflation readings could give policymakers pause.
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Floppo the Clown speaks
Trump blames Biden after GDP shrinks in first quarter, says growth will ‘take a while’
https://www.cnbc.com/2025/04/30/trump-gd...rhang.html
President Donald Trump on Wednesday blamed his predecessor and defended his sweeping tariffs after new data showed the U.S. economy contracting last quarter, while warning that his promised “boom” will “take a while.”
“This is [former President Joe] Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th,” Trump said in a Truth Social post.
“Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang,’” he claimed.
“This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!” Trump wrote.
The defensive social media post came less than an hour after the release of a U.S. Department of Commerce report showing gross domestic product fell at a 0.3% annualized pace in the first three months of the year.
It was the first quarter of negative growth since Q1 of 2022.
A separate report earlier Wednesday morning showed that private payrolls rose by just 62,000 in April, far below the Dow Jones consensus estimate for an increase of 120,000.
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and companies are starting to move into the USA in record numbers
I'll just assume that this is a complete lie based on his lies about egg prices & gas prices.
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Lux Interior wrote:
and companies are starting to move into the USA in record numbers
I'll just assume that this is a complete lie based on his lies about egg prices & gas prices.
Were his lips moving? Then assume he was lying.
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Well, that didn’t take long, since it only reflects the last three months - that is, Trump’s first 100 days. But it’s even worse than expected.
The Bureau of Economic Analysis' advance estimate of first quarter US gross domestic product (GDP) showed economic growth contracted at an annualized rate of 0.3% during the year's first three months, more than the 0.2% decline expected by economists surveyed by Bloomberg. The reading came in significantly lower than the 2.4% rate of growth seen in the fourth quarter of 2024.
This marked the first quarter of negative GDP growth since the first quarter of 2022.
Some decrease was actually anticipated, since companies and consumers stocked up when it became clear that Trump was actually going to go forward with his nutso tariff policy, and imports decrease the GDP mathematically.
"Trade was a huge influence," PNC Financial Services Group chief economist Gus Faucher told Yahoo Finance. "We saw companies bringing in a lot of imports to try to get ahead of tariffs. We saw a huge build in inventories.
What else was expected, but came in worse? Inflation:
The "core" Personal Consumption Expenditures index, which excludes the volatile food and energy categories, grew by 3.5% in the first quarter, [well] above estimates for 3.2% and [waay] above the 2.6% seen in the prior quarter.
Stagflation is here. It’s starting to look like the Atlanta Fed was right about a recession coming, unless something changes drastically soon.
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BTW, this news slipped by yesterday:
Consumer confidence plunges for fifth straight month as jobs, inflation fears rise on Trump trade policy
Consumer confidence fell for the fifth straight month in April, dropping to its lowest level since the early days of the COVID-19 pandemic as uncertainty surrounding President Trump’s trade policy pushed inflation expectations higher and weighed on the labor outlook.
The Conference Board's Consumer Confidence Index for April came in at a reading of 86, a significant drop from March's revised 92.9 reading and short of the 88 reading expected by economists.
Kaos Klown at the wheel.
Hope anyone who wanted to “ Shake Washington up” is happy with what they’ve helped bring about.
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Job creation was only 67,000 last month.
All I can say is thank goodness for my Rhinemetel and Saab holdings, they are not only saving Ukraine, they are saving my portfolio
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….he loves blaming others for bad things…..loves to take credit for good things even though he wasn’t responsibke in any way for making it good…..
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Missed this:
On the economic front Wednesday, ADP's employment report showed that private payrolls rose just 62,000 in April, below the Econoday estimate for 125,000 and down from March's 155,000 reading.
Frankly, the ADP report correlates poorly with the fed numbers, at least over the short term. But the indicators are almost all pointing down.
BLS numbers out Friday, IIRC.
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