continues to the end of trump area 22 title 42 of the border. a temperate hold on lifting the major at the administration facing pressure from all sides. powerful tornado tearing for the heartland, officials are assessing the damage, fox news team coverage ryan yannis at the border, but first alexandria hoff. president biden said he s not concerned about the possibility of recession right now but quickly followed up saying he is concerned about the possibility of one next year. gdp data shows the economy is shrinking for the first time since the pandemic began. first quarter of 2022, white house press secretary jen psaki pointed to job creation and unemployment. a very low unemployment rate
not us, of course. it economists were expecting a slowdown in growth, it but this is why worse, the first economic contraction since the covid induced recession in 2022. joining me now is craig erlam, a post pandemic blip or a gong hailing the start of a us led global recession? i think it is easy to become concerned about this because we are in the midst now of a cost of living crisis, we are seeing high inflation everywhere and interest rates rising so it is easy to look at this with an element of concern but this is just a blip, this is an anomaly. just a blip, this is an anomaly- just a blip, this is an anomaly. just a blip, this is an anomal. , anomaly. we see parts of the gdp data anomaly. we see parts of the gdp data which anomaly. we see parts of the gdp data which can anomaly. we see parts of the gdp data which can be - anomaly. we see parts of the gdp data which can be quite l gdp data which can be quite volatile from quarter to quarter and it seems that all of those a
government spending as well, that fell in the last quarter and we are expecting that to bounce back also. you take those three factors and they are entirely responsible for this downturn in terms of gdp data, so i don t think we are heading for a recession, i think that would be an extremely surprising scenario although the economy is still going to suffer great challenges as a result of this cost of living crisis we are seeing. cost of living crisis we are seeina. , ., ., seeing. any other thing of course is seeing. any other thing of course is supply seeing. any other thing of course is supply chain - seeing. any other thing of i course is supply chain issues as well, it has become such a running joke, as well, it has become such a runningjoke, but as well, it has become such a running joke, but it now makes the late night comedy shows in the late night comedy shows in the us, and we are even hearing from the likes of the titans of tech. apple and their results, their earnings
let s get a check on cnn business this friday morning. markets around the world. asian shares with the tokyo bounce back. europe has opened lower. on wall street stock index futures are narrowly mixed. the s&p 500 slipping enough to now be down 10% from the recent high. that is technically a correction. the nasdaq still there down nearly 18% from its peak. stocks started the day higher after the strong gdp data. what do i mean by hawkish tone? we re entering a new era of higher interest rates. that s how the fed is going to combat persistent inflation. the u.s. economy grew at
created across the piece from what s going on in russia right now. obviously, we have talked a lot about the rise in oil, and natural gas prices in, the price of wheat, which has risen by getting by on a third, since the invasion as well. they get here together, and 30% of global wheat exports. they are talking about metal prices as well. there is many commodities, aluminum, nickel, all racing to record levels over recent days, and indeed, nickel trading was suspended on the metal exchange, after the price, more, quadrupled in a few days. those are the concerns that richie sunak is expressing now. all of this, coming, of course, as we ve had the gdp data for january. this morning, the uk economy grew by 0.8%, with four fifths of 1%. really, a much more strong performance than anyone expected. the city, looking for a growth of 0.2%.