The U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, yet consumers and businesses kept spending in a sign of underlying resilience.
A new study is shedding light on how many Americans, particularly women, are not making enough money to support their families.
Economists consider that trend a better gauge than overall GDP of the economy's underlying strength. Most analysts expect the steady pace of spending to sustain the economy's growth, though the outlook remains highly uncertain. Imports also surged in the January-March quarter as businesses and consumers bought more goods from abroad while U.S. exports rose more slowly. That disparity widened the trade deficit and subtracted from the quarter's growth.
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