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.
Nordstrom reported a decline in second-quarter sales and profits.
U.S. mortgage rates hit their highest levels in 22 years.
The continued resilience of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
Stocks climbed as investors await a speech from Fed Chair Jerome Powell at the annual economic conference in Jackson Hole, Wy.
As the Federal Reserve prepares to hold its annual economic conference in Jackson Hole on Friday and Saturday, its policymakers are trying to guide the U.S. economy toward something akin to what's happening in Jackson Hole.
Anyone in the U.S. who had an account at any time between May 24, 2007, and December 22, 2022, is eligible to receive a payment. The 2022 settlement resolves a lawsuit alleging that Facebook allowed millions of its users’ personal information to be fed to Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
Domino's Pizza is closing all of its locations in Russia.
A Delaware judge on Wednesday denied Newsmax's request to throw out part of a defamation lawsuit filed by voting machine company Smartmatic.
Several big banks have agreed to a $499 million settlement in an antitrust lawsuit.
Stocks turned positive Thursday after Nvidia posted better-than-expected earnings.
