You could hear the relief on Wall Street as economic data released Thursday suggested the U.S. isn’t slipping into recession—yet. Inspect the quarterly gross-domestic-product numbers more closely, however, and the U.S. remains in the woods rather than out of them.
Inflation-adjusted growth of 1.1% on an annual basis was lower than many economists predicted. Investors’ optimism as measured by relief in the stock market arises in part because falling inventories contributed an outsize share to the decline in growth from 2.6% in the previous quarter. If consumption remains as robust as it was in this quarter—growing 3.7% from the previous quarter—businesses may have to boost production this year to keep up.
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