The Commerce Department’s Bureau of Economic Analysis released a downward adjustment of U.S. Gross Domestic Product for the first quarter of 2025, saying the U.S. economy shrank 0.5% instead of the previously reported 0.2%. The revised estimate said first-quarter growth was weighed down by a surge of imports as U.S. companies, and households rushed to buy foreign goods before tariffs took effect. The downward adjustment to GDP came as the Labor Department reported that weekly jobless claims fell, but continuing claims for unemployment increased to 1.97 million, the highest level since November 2021, signaling more people are staying out of work for longer.
