U.S. economy shrank by 0.7 percent in first quarter
The resurgent U.S. economy might not be surging after all. The U.S. Commerce Department said on Friday that the country's gross domestic product contracted by 0.7 percent in the first quarter, instead of growing by 0.2 percent, as it had previously reported. Economists blamed the news on bad winter weather and trade imbalances caused by a strong dollar.
"This isn't the off-to-the-races kind of expansion we envisioned six months ago," Scott Anderson, chief economist at Bank of the West in San Francisco, told The New York Times. Citing a shrinking unemployment rate and a housing market comeback, other economists cautioned against reading too much into the numbers.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Nico Lauricella was editor-in-chief at TheWeek.com. He was formerly the site's deputy editor and an editor at The Huffington Post.
-
'Wolf Hall: the Mirror and the Light' season two – still a "crown jewel"
The Week Recommends Damian Lewis and Mark Rylance star in this 'superlative' Tudor drama on BBC One
By Adrienne Wyper, The Week UK Published
-
'Election Day. Finally.'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Incendiary device plot: Russia's 'rehearsals' for attacks on transatlantic flights
The Explainer Security officials warn of widespread Moscow-backed 'sabotage campaign' in retaliation for continued Western support for Ukraine
By The Week UK Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published