According to foreign media, which cite the Commerce Department, the US economy shrank at an annual rate of 0.3% in the first three months of the year.
This marked a significant decline after growing at an annual rate of 2.4% in the previous quarter, although the decline was not as severe as some analysts had predicted.
The decline was driven by a drop in government spending and a more than 40% increase in imports, as companies rushed to escape tariffs.
Consumer spending growth also slowed toward the end of last year, with growth slowing to 1.8% from 4% in the previous quarter, A2 CNN writes.
Treasury Secretary Scott Bessent just yesterday urged people to focus less on sentiment and more on hard data as they try to assess how the economy is doing.
This report, which focuses on a period before US President Donald Trump's broader tariffs were announced, is unlikely to resolve the debate. (A2 Televizion)
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