Overview

• The Bureau of Economic Analysis’s second estimate placed first-quarter GDP contraction at 0.2%, a slight upgrade from the initial 0.3% decline.
• Imports jumped 42.6% annualized as companies stockpiled ahead of planned tariffs, subtracting over five percentage points from growth.
• Consumer spending advanced just 1.2% on an annualized basis, marking the weakest quarterly rise since mid-2023.
• Corporate profits fell by $118.1 billion, reflecting higher costs and reduced margins under tariff pressures.
• Initial jobless claims climbed to 240,000, signaling labor market strain, and the Federal Reserve is holding rates steady as it balances inflation concerns with growth risks.