The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

In this Tuesday, Dec. 4, 2012, file photo, shipping containers are seen at the Port of Los Angeles
In this Tuesday, Dec. 4, 2012, file photo, shipping containers are seen at the Port of Los Angeles
(Nick Ut/AP)

Horrible GDP numbers nothing to worry about, economists say

The third and final reading of U.S. economic activity in the first quarter is a shocker: Gross domestic product contracted by 2.9 per cent, at an annualized pace, marking the worst setback since the financial crisis. That’s down from a previous estimate of a 1 per cent contraction.

Should we be worried? The stock market opened higher at the start of trading on Wednesday, suggesting that investors see the dip as a blip. Economists tend to agree -- and are looking forward to better growth ahead.