GDP may fall again in Q2. Does it mean recession?

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By Howard Schneider WASHINGTON (Reuters) – Between the backlogged orders from Christmas, ongoing high demand, and an improving flow of products from around the world, goods flooded into the United States in the first three months of this year at a record $3.4 trillion annual pace. It was good news, evidence that U.S. consumers felt flush enough to spend, and that global supply chains were healing after many months of disarray due to the pandemic. But it also caused one of the largest ever import-led hits to U.S. gross domestic product, making it seem as if the nation’s economy was ailing rathe…

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