Laserfiche WebLink
<br />xii <br /> <br /> <br />But the national economic landscape changed considerably in April because of a series of drastic changes in <br />federal policy, including significant layoffs of federal government workers; crackdowns on immigration; <br />significant federal spending cuts for research and academic institutions; threats to the social safety net; and <br />massive disruption to the global trade environment resulting from the imposition of historic, and ever-changing <br />tariffs and counter tariffs. Many economic indicators are flashing red as consumers and businesses alike try to <br />understand the economic impact of these historic changes. <br /> <br />Concerns about the health of the national economy were confirmed by the end of April 2025 when first quarter <br />2025 GPD results showed a 0.3 percent contraction, down from the 2.4 percent growth in the fourth quarter of <br />2024. The first quarter of 2025 GDP results represented the first time since the first quarter of 2022 that there <br />had been a decline in GDP. This time, the drag was entirely attributed to weaknesses in imports. <br /> <br /> <br />7.C. - Page 24 of 269 <br />43