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Thursday, April 27, 2023

The Daily Money: US economy grew at 1.1% rate in the first quarter, GDP report says

Forecasters say a recession could begin soon as high interest rates and inflation squeeze consumers.
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu Apr 27 2023
 

We're over the hump, Daily Money readers! It's Amanda Pérez Pintado, back to bring you today's top headlines. 

The U.S. economy lost some steam in the first months of 2023.

Gross domestic product, a measure of the value of the goods and services produced in the nation, grew at a seasonally adjusted annual rate of 1.1% in the first quarter , the Commerce Department said on Thursday. That's lower than the GDP gains of 3.2% in the third quarter and 2.6% in the final three months of the year.

Forecasters say a mild recession could begin soon as high interest rates and inflation squeeze consumers. 

Weekly jobless claims

Despite growing layoffs across industries, the number of Americans filing jobless claims declined last week, according to the Department of Labor.

In the week ending April 22, a total of 230,000 Americans filed for unemployment insurance for the first time, down 16,000 from the previous week.

The number of people applying for unemployment benefits is seen as a barometer for layoffs. 

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About The Daily Money 

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
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