Steve Liesman, CNBC's senior economics reporter, expressed shock at the economy's stagnation following the Commerce Department's report of a 0.3% GDP contraction in Q1 2025. This marked the first GDP decrease since 2022, attributed to President Trump's global tariffs that severely impacted consumer sentiment. With a 32% drop in consumer confidence in April, the economic landscape is fraught with uncertainty, with businesses suspending guidance and hiring stagnating. Liesman's commentary highlighted a palpable 'frozenness' in the market, reflecting broader concerns over a potential technical recession.
People have the wherewithal to spend, Liesman said. It's whether or not they're in the mood to spend that we're watching here, and we don't know how much sentiment really plays a role here.
It's been interesting with earnings because everybody is suspending their guidance for the full year. They don't know what's going to happen.
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