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[US GDP Contracts In Q1 2024 Due To Import Surge, Consumer Spending Grows] The U.S. Economy Contracted For The First Time Since 2022 In The First Quarter, With Gross Domestic Product Falling At A 0.3% Annualized Rate. This Decline Was Largely Due To A Record 4.83 Percentage Point Subtraction From GDP Caused By A 41.3% Surge In Imports, A Phenomenon Linked To Businesses Seeking To Avoid Tariffs. Meanwhile, Consumer Spending Grew At A 1.8% Rate.
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