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The U.S. economy cooled off during the first three months of 2023, as gross domestic product grew at a 1.1% annualized pace missing economist expectations. Driving that slowdown is reduced spending by businesses, a drawdown in inventories and a shrinking housing sector as high rates curb mortgage demand. Investors and economists alike will be looking to Friday's jobs report for further signs of a slowdown after March's report showed signs of weakness as labor force participation declined. "I feel like we're always pushing out that start of that recession. You know, at one point last year, everyone thought that it was gonna be kicking in in 2022, now... we have moved it into the second half or the midpoint of 2023," said BMO Sr. Economist Jennifer Lee in an interview with Yahoo Finance's Brad Smith and Diane King Hall. "Certainly all indications are pointing to that, that slowdown, it's already happening. I haven't seen a lot of indications pointing to a very hard landing just yet, but things are slowly slowing" That slowdown is attributable to the Fed's ongoing rate hiking cycle as it looks to curb demand to bring inflation back down to its two percent target.
Video highlights
00:00:05 Pushing out the start of a recession
00:00:25 Signs of a U.S. slowdown
00:00:42 Odds of a U.S. contraction
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The U.S. economy cooled off during the first three months of 2023, as gross domestic product grew at a 1.1% annualized pace missing economist expectations. Driving that slowdown is reduced spending by businesses, a drawdown in inventories and a shrinking housing sector as high rates curb mortgage demand. Investors and economists alike will be looking to Friday's jobs report for further signs of a slowdown after March's report showed signs of weakness as labor force participation declined. "I feel like we're always pushing out that start of that recession. You know, at one point last year, everyone thought that it was gonna be kicking in in 2022, now... we have moved it into the second half or the midpoint of 2023," said BMO Sr. Economist Jennifer Lee in an interview with Yahoo Finance's Brad Smith and Diane King Hall. "Certainly all indications are pointing to that, that slowdown, it's already happening. I haven't seen a lot of indications pointing to a very hard landing just yet, but things are slowly slowing" That slowdown is attributable to the Fed's ongoing rate hiking cycle as it looks to curb demand to bring inflation back down to its two percent target.
Video highlights
00:00:05 Pushing out the start of a recession
00:00:25 Signs of a U.S. slowdown
00:00:42 Odds of a U.S. contraction
Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb
About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more.
To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBp
Connect with Yahoo Finance:
Get the latest news: https://yhoo.it/2fGu5Bb
Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq
Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP
Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz
Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV
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