Joe Biden expressed hopefulness about the economy following a dismal GDP report on Thursday, but Wall Street executives are preparing for the worst, according to Politico.
The U.S. economy’s annual growth rate slowed more than expected to 1.1% in the first quarter of 2023, according to GDP statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning. The vast majority of the financial sector agrees the economy will continue facing difficulties this year as over a dozen large banks predicted poor growth or a recession, according to Politico. “The U.S. economy is unwell, and it’s starting to show,” Chief Economist at EY-Parthenon Gregory Daco tweeted Thursday morning.
Growth was 2.6% in the fourth quarter of 2022, and economists had expected 2% growth for the first quarter of 2023, according to The Wall Street Journal. […]
Excerpt Sourced From: discern.tv
