Wall Street and Washington, D.C., are wading through a surge of economic data this week as markets and policymakers attempt to game out the results of President Trump's policies.

After 100 days of Trump's first term, U.S. growth took a sharp downward turn as a surge of imports took a chunk out of gross domestic product (GDP). Consumer spending showed signs of slipping, and prices pressured seemed to fade slightly in the first quarter.

While the new data showed some signs of economic resilience, experts are concerned that the success of the first quarter may be borrowed in part from the rest of the year.

Here’s a roundup of the latest economic data to show where the economy might be heading.

Gross domestic product dips on an import surge

First-quarter U.S. economic growth fell into negative territory Wednesday, mostly due to a surge in imports ahead of major new tariffs announced early in April.

Gross domestic product (GDP) declined by 0.3 percent in the first quarter of 2025 after solid growth throughout 2024, including 2.4 percent in the fourth quarter and 3.1 percent in the third quarter.

“Imports surged at a 41.3 percent annual rate in the first quarter, with goods imports rising at a 50.9 percent rate, leading to the first quarter of negative growth in three years,” economist Dean Baker of the Center for Economic Policy and Research wrote in a Wednesday analysis.

Exempting the import surge, economists said the broader growth pattern was in line with expectations.

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