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Thursday, June 26, 2025
The US economy contracted in the beginning of the year at a much faster pace than previously reported, after new data factored in much weaker consumer spending. Gross domestic product, the broadest measure of economic output, registered an annualized rate of -0.5% from January through March, the Commerce Department said Thursday in its third and final estimate. That's worse than the 0.2% decline reported in the second estimate. GDP is adjusted for seasonal swings and inflation. The latest estimate showed that consumer spending " the lifeblood of the US economy " was tepid in the beginning of the year. Spending in the first quarter grew at a rate of just 0.5%, down from 1.2% in an earlier estimate. That's the weakest rate in more than four years. |
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More Alternate links: Google News | Twitter A separate report showed that unemployed Americans are having an increasingly harder time finding work. Fresh data released Thursday morning by the Labor Department showed the number of people receiving jobless benefits for at least one week rose by 37,000 to 1.974 million, marking the highest total since November 6, 2021. Comments
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