The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.
Gross domestic product fell at a 1.4% annualized rate as surging imports and softer inventory growth more than offset otherwise solid consumer and business demand, the Commerce Department’s preliminary estimate showed Thursday. The print was below all but one estimate in a Bloomberg survey. The median projection was for a 1% increase.
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