The United States’ gross domestic product (GDP) has been revised downward due to a sharp decline in consumer spending on services. According to the Bureau of Economic Analysis, services spending accounted for just 0.3% of GDP growth in the first quarter, the weakest pace since the pandemic began in 2020. This represents a significant decrease from the previously reported 0.79% boost. The revised GDP figure suggests that consumer spending may be slowing down, potentially impacting the overall economic outlook.
Source: https://www.bloomberg.com/news/articles/2025-06-26/us-gdp-revised-lower-as-consumers-slash-recreation-spending