Trump tells Americans to ‘be patient’ as economy unexpectedly contracts

On Wednesday, President Donald Trump blamed his predecessor for the volatile stock market amid an unexpected contraction of the American economy in the first quarter – but he expressed that the economy is still ready for rapid growth.

The shares fell on Wednesday morning after new data showed that the economy was contracted for the first time three years ago.

“This is the stock market in Biden, not Trump,” the president wrote on the social truth.

“I have not assumed his duties until January 20. The definitions will start soon, and companies began moving to the United States of America with record numbers,” Trump added. “Our country will flourish, but we have to get rid of Biden.”

The private sector added 62,000 jobs in April, much lower than expectations, ADP says

The Dow Jones industrial average decreased over 600 points, or 1.5 %, while the S&P 500 and NASDAQ compound decreased by 1.8 % and 2.2 %, respectively.

The decline in the stock market came in the wake of GDP (GDP) reducing 0.3 % in the first quarter, which continues from January to March, according to estimates of the Economic Analysis Office (Bea) of the Ministry of Trade. Economists surveyed by the LESEG Stock Exchange (LSEG) expected the economy to grow at a rate of 0.3 % in the quarter.

Trump announced the definitions on April 2, which was technically in the second quarter, although some experts believe that the threat waving on the horizon in definitions affects today’s numbers.

The trader operates on the New York Stock Exchange floor in New York City. (Reuters / Reuters)

Consumer confidence fell to its lowest level in 5 years in April

The President argued that the stock market tensions may take some time to settle and insist that they have nothing to do with the comprehensive definitions that he announced earlier this month.

“This will take some time, and it has nothing to do with definitions, only that we left bad numbers, but when the boom begins, it will not be like another. Be patient !!!” books.

For example, imports, which are calculated as a proposal in the gross domestic product account, increased by 41 % in the first quarter, partly driven by product importers in an attempt to overcome shipments to implement the Trump tariff. There was also a decrease in government spending, while partially compensated for both transformations by investing in investment, consumer spending and exports.

Meanwhile, consumer spending increased by 1.8 % with gains for both service (+2.4 %) and commodities (+0.5 %), as increases in spending on services were widely spread and led by health care, housing and facilities. Under the spending on goods, an increase of 2.7 % in non -applicable goods was compensated in part by a decrease of 3.4 % in durable goods.

Imports, which are calculated as a presentation in the gross domestic product account, increased by 41 % in the first quarter, partially driven by importers in arranging products in an attempt to overcome shipments to implement the Trump tariff. (Brandon Bell / Getty Emmaiz / Gettie Emayiz)

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Business investment increased by 21.9 % in the first quarter after it recorded a 5.6 % decrease in the fourth quarter. The non -residential investment increased by 9.8 % in the quarter, led by a 22.5 % increase in equipment spending.

The available personal income was 2.7 % in the first quarter, an increase of 1.9 % in the fourth quarter.

Personal savings as a percentage of personal income 4 % in the first quarter, an increase of 3.7 % in the fourth quarter – although it decreased from 5.4 % in the first quarter of 2024.