US Economy Shrinks, Inflation Eases, and Key Economic News Updates

Economic Performance and Inflation Data

• 📉 First quarter GDP shrank for the first time in over three years, declining by 0.3% due to a surge in imports ahead of tariffs.
• 📊 The Fed's preferred inflation measure, the PCE price index, was flat in March, bringing the year-over-year rate down to 2.3%, nearing the Fed's 2% target.
• 💡 The core PCE index also remaining flat was noted as a surprise by Bloomberg's Mike McKee.

Political Reactions and Economic Blame

• 🗣️ Former President Trump blamed current President Biden for the negative economic data, stating the numbers were inaccurate and he should not be held responsible.
• 🚗 Trump commented that he does not place significant weight on the stock market, viewing it as an indicator rather than a primary measure of economic health.

Employment and Business Regulations

• 💼 ADP reported a disappointing 62,000 private sector jobs created in April, significantly lower than analyst expectations and the previous month's figures.
• 🏭 Nvidia CEO Jensen Huang seeks regulatory changes for exporting AI technology, emphasizing the need for investment and factory construction to capitalize on global opportunities.

International Deals and Corporate News

• 🤝 Ukraine is reportedly close to signing a natural resources deal with the U.S., which could strengthen economic ties and bolster U.S. support for Kyiv.
• ✈️ Airbus aims to deliver approximately 820 commercial aircraft this year, a target that does not account for potential disruptions from tariffs or global trade issues.
• ⚖️ Alphabet CEO Sundar Pichai testified that a Justice Department proposal to share search data with rivals would effectively amount to a divestiture of Google's search engine.

Supreme Court and Religious Schools

• 🏫 The Supreme Court heard arguments regarding Oklahoma's first religious charter school, Saint Isidore of Seville, focusing on the separation of church and state.