The U.S. economy contracted at an annualized rate of 0.3% in the first quarter of 2025, marking the first decline since the first quarter of 2022. This was a sharp reversal from 2.4% growth in the previous quarter and came in below market expectations of 0.3% growth, according to an advance estimate.
A 41.3% surge in imports contributed to the slowdown, as businesses and consumers rushed to stockpile goods in anticipation of higher costs following a series of tariff announcements by the Trump administration.
Consumer spending growth also cooled to 1.8%, the slowest pace since Q2 2023, while federal government expenditures fell 5.1%, the steepest drop since Q1 2022. In contrast, fixed investment surged 7.8%, rebounding from a 1.1% drop in the previous period.
Source: Trading Economics
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