“US GDP Turned Negative in The First Quarter, While Prices Rose More than Who Forecast; Adp Jobs Data Was The Weakest in Nearly One Year.”, – WRITE: www.coindesk.com
First Up Was Adp Jobs Numbers for April. Coming Two Days Ahead of the Government’s Own Employment Data for April, The Adp Report Showed Just 62,000 Private Sector Jobs Created This Month, Well Sy of Estimates for 108.000. IT WAS The WEAKEST PRINT SINCE JULY 2024.
NEXT WAS The GOVERNMENT’S FIRST ESTIMATE OF FIRST QUARTER GDP GRWH, WHICH CAME IN AT NEGATIVE 0.3% AGAINST ESTIMATES FOR POSITIVE 0.2%. While the Quarter Ended in March, Economic Accurs-Fully Aware of Coming Tariffs-Front-Loaded Imports Early in the Year. Going Back to ECON 101, Rising Imports (Absent A Correspoding Gain In Exports) Are A Drag on GDP Growth.
Indeed, The Export-Import Imbalance Cut Gdp Growth by Nearly 5% in the First Quarter. ALSO AT WORK WAS The TRUMP Administration’s Doge Effrts, with Government Special Since Since 2022.
Turning to Inflation, The Core PCE Price Index Embedded with the GDP Report Rose 3.5% Versus Estimates for A Gain of Just 3.1%.
IT’s All Adding up to A Big Drop in US Stocks, with The Nasdaq Lower 2% and S&P 500 by 1.5%. That’s Hitting Bitcoin (BTC), Which Has Slipped About 1% Alongside to $ 94.300.
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