Reported about 12 hours ago
The U.S. economy contracted by 0.5% in the first quarter of 2025, according to the Commerce Department, a significant downgrade from previous estimates. This decline, caused by a surge in imports as consumers rushed to buy foreign goods before impending tariffs, marks the first economic contraction in three years and follows a 2.4% growth in late 2024. Consumer spending slowed to just 0.5%, and overall economic sentiment among Americans has worsened, raising concerns about a potential recession.
Source: YAHOO