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MNI BRIEF: US 1Q GDP Contracts on Inventories, Wider Trade Gap

(MNI) Washington
(MNI) Washington

U.S. economy sees first contraction in growth since early in the pandemic.

True

U.S. GDP contracted in the first quarter for the first time since early in the pandemic, coming in far below analyst expectations as private inventory investment fell and the trade gap widened, the Bureau of Economic Analysis said Thursday.

The first estimate of first quarter GDP came in at -1.4% following an increase of 6.9% in the fourth quarter. A large part of the fall in inventory was motor vehicles and parts due to ongoing supply shortages. Meanwhile, exports fell and imports of goods increased and the wider trade gap contributed -3.2% to the headline number.

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U.S. GDP contracted in the first quarter for the first time since early in the pandemic, coming in far below analyst expectations as private inventory investment fell and the trade gap widened, the Bureau of Economic Analysis said Thursday.

The first estimate of first quarter GDP came in at -1.4% following an increase of 6.9% in the fourth quarter. A large part of the fall in inventory was motor vehicles and parts due to ongoing supply shortages. Meanwhile, exports fell and imports of goods increased and the wider trade gap contributed -3.2% to the headline number.

Keep reading...Show less