U.S. GDP Decline Attributed to Inventory Backlog, Revision Expected

According to BlockBeats, U.S. Treasury Secretary Besant has indicated that the recent decline in GDP may be due to an accumulation of imported goods in inventory. It is anticipated that the GDP figures will undergo revision. Previously, BlockBeats reported that the initial annualized quarterly rate for the U.S. GDP in the first quarter was recorded at -0.3%, against an expected 0.3%, and a previous value of 2.40%. This negative growth marks the lowest point since the second quarter of 2022.