The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.
The government had previously estimated that the economy grew at a 1.1% annual rate last quarter.
The Commerce Department's revised measure of growth in the nation's gross domestic product — the economy’s total output of goods and services — marked a deceleration from the second half of 2022.
Despite the first-quarter slowdown, consumer spending, which accounts for around 70% of America's economic output, rose at a healthy pace.
The steady weakening of economic growth is a consequence of the Federal Reserve’s aggressive drive to tame inflation, with 10 interest rate hikes over the past 14 months. Across the economy, the Fed’s rate increase have elevated the costs of auto loans, credit card borrowing and business loans.
With mortgage rates having doubled over the past year, the real estate market has already taken a beating: Investment in housing fell from January through March. In April, sales of existing homes were 23% below their level a year earlier.
Business research group The Conference Board said that its consumer confidence index increased two months in a row.
Grant Buckholt, financial adviser with Northwestern Mutual, joined Cheddar News to discuss what exactly a holiday bonus entails and provided tips on how to budget it.
New car sales in the U.S. are forecasted to grow next year.
Many of us will look to chart a path to tackling finances as the New Year arrives. Jamila Souffrant, author of "Your Journey to Financial Freedom," joined Cheddar News to discuss steps on what to take if you're looking to take control of your life for financial freedom.
If you're looking to upgrade your home entertainment system, Vizio may have you covered, especially this holiday season. Phil Schneider, head of device sales with Vizio, spoke with Cheddar News about what's currently in demand.
There are reports that Warner Brothers Discovery and Paramount have held talks to join forces. Cheddar News breaks it down to discuss what this could mean for the media landscape and for viewers.
Thursday kicks off the busiest holiday travel period of the year.
SiriusXM is facing a new lawsuit for allegedly trapping customers into subscription plans.
IKEA says it expects shipping delays and other product availability issues due to ongoing attacks by Houthi rebels in the Red Sea.
There are multiple reports that talks are underway for a potential merger of Warner Brothers Discovery and Paramount Global.
