Number 2023, cash dollar banknotes and stock market indicators (money, economy, business, finance, inflation, crisis)
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.
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.
Federal Reserve Chair Jerome Powell was tricked into an extended phone call in January with Russian pranksters posing as Ukrainian President Volodymyr Zelenskyy, during which Powell appeared to discuss the economic impact of interest rate hikes.
Amazon on Thursday reported stronger-than-expected revenue and profits for the first quarter, sending its stocks higher in after-hours trading. But its prices took a dip in the evening amid concerns about a continued slowdown in the company's profitable cloud computing unit AWS.
A key index of underlying inflation that is closely followed by the Federal Reserve remained elevated last month, keeping the Fed on track to raise interest rates next week for the 10th time since March of last year.
As a growing number of overweight Americans clamor for Ozempic and Wegovy — drugs touted by celebrities and on TikTok to pare pounds — an even more powerful obesity medicine is poised to upend treatment.
A California judge is ordering Tesla CEO Elon Musk to be interviewed under oath regarding statements about the safety and capability of the car maker's autopilot features.
David Wright, president and owner of Wright Financial Group LLC, joined Cheddar News to discuss Thursday's trading as stocks closed higher amid strong tech profits. But Wright says banking stress could sway markets down as the Federal Reserve could weigh more rate increases.
