The daily business briefing: April 15, 2016

(Image credit: VCG/Getty Images)

Jump to category:

1. Chinese economy's Q1 growth pace was slowest in 7 years
2. Microsoft sues U.S. government over user data requests
3. Jobless claims fall to lowest level since 1973
4. Oil slides as Iran confirms oil minister will miss talks on output freeze
5. Obama ready to offer advice against Brexit in U.K. visit

published 15 April 2016

1. Chinese economy's Q1 growth pace was slowest in 7 years

China's economy slowed to an annualized growth rate of 6.7 percent in the first quarter, down from 6.8 percent in the last quarter of 2015, the government reported Friday. It is the slowest quarterly growth the world's second largest economy has seen in seven years. Still, the figures were in line with forecasts and suggested that China's economy was stabilizing with the help of government stimulus measures, including interest rate cuts and infrastructure spending. Asian stocks were mixed in a muted reaction to the news.

Microsoft on Thursday filed a lawsuit against the Justice Department, demanding the right to tell customers when the government is accessing their email and other data in the cloud. The suit says the government is violating the Constitution by preventing the company from notifying thousands of customers about the requests for data. It is the latest legal battle between the government and tech companies, coming after a highly publicized battle between the FBI and Apple over unlocking the San Bernardino shooter's iPhone.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

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.

The number of Americans filing for unemployment benefits dropped last week to the lowest level since 1973, the Labor Department reported Thursday. Jobless claims unexpectedly dropped by 13,000 to a seasonally adjusted 253,000. A Bloomberg survey had put the median forecast for the week's claims at 270,000. "This is further confirmation that the labor market is strong," said Patrick Newport, an economist at IHS Global Insight. Economists expect the improving jobs picture to boost consumer spending and growth this quarter.

Oil prices fell by about one percent early Friday after Iran indicated that its oil minister would not attend a Sunday meeting in Doha, Qatar, about freezing output. Oil prices have been volatile ahead of the highly anticipated talks, which are part of an effort by major oil producers to ease a global oil glut that has dragged down crude prices. Iran has rejected a freeze, saying it wants to restore its output to levels seen before recently lifted sanctions were imposed. Saudi Arabia has suggested it won't agree to a deal without Iran.

President Obama plans to wade into the debate over Britain's possible exit from the European Union with "very candid" comments when he visits the U.K. next week, his advisers said Thursday. Obama believes it's up to the British people to decide, but that it is in everyone's interest for the U.K. to remain in the E.U. "If he's asked his view as a friend, he will offer it," Deputy National Security Adviser Ben Rhodes said. The Brexit debate is intensifying with the public split ahead of the June 23 vote.

Explore More

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.