GDP Report Shows Economic Growth Slowed in First Quarter

[andhra_jp]

Growth slowed to 1.1% annual rate as resilient consumers faced high inflation and rising interest rates

U.S. economic growth decelerated to a 1.1% annual rate in the first quarter as consumers faced high inflation, rising interest rates and the onset of banking problems.

Solid consumer spending drove the first-quarter increase, the department said, while a slowdown in business investment and a decline in housing investment offset growth.

Consumers cut retail spending in February and March. Home sales and manufacturing output dropped last month, and robust hiring growth eased gradually.

Many economists expect the economy to cool even more as the year progresses, with the possibility of a U.S. recession later this year.

https://www.wsj.com/articles/us-gdp-economic-growth-first-quarter-2023-2ff4348c

 

[andhra_jp]

Gap to Conduct Layoffs, Cutting 1,800 Corporate Jobs

Interim CEO says the plan aims to simplify the San Francisco-based retailer’s operations

The job cuts are expected to result in $300 million in annualized savings as part of a plan outlined in March, the company said Thursday. The positions being eliminated are mainly at its San Francisco and New York headquarters as well as some senior field roles.

https://www.wsj.com/articles/gap-to-cut-1-800-corporate-jobs-1d308f9c?mod=hp_lead_pos3

[Manishican]

Fake news. Jobless claims have fallen.