The latest GDP numbers released Thursday sent shock waves among economist and traders with the data indicating the economy is seriously slowing.

The Commerce Department reported Thursday that U.S. gross domestic product in the first quarter rose just an anemic 1.6%, while analysts had predicted GDP of 2.4% for the first quarter — a miss of 64% from the estimate.

The GDP contraction suggests a recession could be in the offing. A recession is defined as two consecutive quarters of growth below 2%.

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