The economy likely contracted during the first quarter, according to a CNBC and Moody’s Analytics poll of economists. This marks a reversal from earlier estimates for GDP growth.
The six economists polled expect U.S. gross domestic product growth to have shrunk by 0.1 percent during the quarter. The estimates range from a drop of 0.4 percent to a 0.1 percent rise.
The report follows a Commerce Department report Wednesday showing the U.S. economy barely grew in the first quarter as exports tumbled amid unusually harsh winter weather.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.