ADP

----

Apr 30, 2025 at 07:42 AM

U.S. GDP shrank -0.3% in 1Q (vs +0.4% exp) as Trump’s economic policies weighed on consumer and business sentiment. Consumer spending was +1.8% and net exports reduced 1Q GDP by -5pp due to accelerated purchases in front of tariff hikes. Separately, ADP March private payrolls were +62K vs +120K expected. We are very likely in recession as consumers continue to pull back.

The copyright of this article belongs to the original author/organization.

The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.