US GDP - 2025-04-29

As expected, real GDP contracts in Q1 by 0.3% at an annual rate. It's more than entirely due to net exports (because we imported so much more than we exported in the quarter). But gross domestic purchases grew by a booming 8.0%,  final sales to domestic purchasers by 5.7%, and disposable personal income by 6.4%. It's not a recession until payroll growth rolls over. See you Friday morning on that.