US economy grew 1.1% in first quarter signaling slowdown

Published

2 years ago

April 27, 2023

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close video S&P 500 could break out to new highs if tech cooperates: JC Parets

Seaport Securities founder Ted Weisberg and All Star Charts founder JC Parets discuss whether the breadth of the stock market is getting more positive or negative on ‘The Claman Countdown.’

The U.S. economy rose 1.1% in the first quarter, falling short of estimates, in a sign that a slowdown is underway.

It is also a big pullback from the fourth quarter's 2.6% rise and the third quarter's 3.2% increase, according to the final estimate from the Bureau of Economic Analysis.

The read may present a conundrum for the Federal Reserve and Chairman Jerome Powell, who frequently touts being data dependent, heading into next week’s May meeting. Choppy Economic Data Points

Durable Goods March: +3.2

Retail Sales March: -1.0%

Consumer Confidence April: 9-month low

Economic activity has been choppy, at best, in recent weeks.

Durable goods orders for March rose 3.2%, the first increase in three months, blowing past expectations of just 0.7% growth. However, spending at retail stores indicated the consumer has dialed back on spending. Retail sales fell 1% in March from the prior month, more than economists expected. Excluding autos, sales slipped 0.8%.

Consumer confidence, tracked by the Conference Board, slipped to a nine-month low in April. Ticker Security Last Change Change % UPS UNITED PARCEL SERVICE INC. 174.59 +2.02 +1.17%

Additionally, shipping giant UPS, a solid barometer of economic growth, gave a murky economic outlook this week.

"I think there's been a shift from goods to services that's going on. And with those macro indicators and with the shift in the consumer confidence that we saw in the first quarter, you enter an environment where there's going to be softer volume and it was falling from January to February" UPS CFO Brian Newman told FOX Business, following the delivery giant’s earnings report.

AMAZON JOB CUTS TO BEGIN THIS WEEK

Plus, large corporations including Disney and Amazon, began cutting thousands of workers this week, with the two power players expected to cut a combined 34,000 jobs over the next few months, with some already completed. Ticker Security Last Change Change % DIS THE WALT DISNEY CO. 98.02 +1.42 +1.46%AMZN AMAZON.COM INC. 109.09 +4.11 +3.92%

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Policymakers will make their next interest rate decision on May 3 with the futures market currently predicting a 76% chance of a 25-basis point rate hike, lifting rates to between 5%-5.25%, as tracked by the CME’s Fed Watch Tool.

This is a developing story. Please check back for updates.

Business

Trump’s tariffs are back – here’s who is in his sights this time

Published

2 hours ago

August 1, 2025

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'A BIG DAY FOR AMERICA!!!' - Trump's tariffs are back, and will affect dozens of countries

It is “Liberation Day” III – the third tariff deadline set by Donald Trump.

Countries without bilateral trade agreements will soon face reciprocal tariffs – ranging from 25% to 50% – with a baseline of 15% to 20% for any not making a deal.

He has delayed twice, from April to July and from July to August, but hammered this date home in his trademark caps-on style: “THE AUGUST FIRST DEADLINE STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!”

“Will not be extended” for anyone but Mexico, it seems. The country secured a 90-day extension at the last minute, with Mr Trump citing the “complexities” of the border.

By close of business on the eve of deadline, he had a handful of framework deals – some significant – including the UK (10%), the EU, Japan and South Korea (15%), Indonesia and the Philippines (19%), Vietnam (20%).

On the EU agreement, which he struck in Scotland, the president said: “It’s a very powerful deal, it’s a big deal, it’s the biggest of all the deals.”

But what happened to the “90 deals in 90 days” touted by the White House earlier this year?

The short answer is they were replaced by letters of instruction to pay a tariff set by the US.

Amid of flurry of late activity, the US played hardball with major trading partners like Canada.

“For the rest of the world, we’re going to have things done by Friday,” said US Commerce Secretary Howard Lutnick – the “rest of the world” meaning everyone but China.

There is, apparently, the “framework of a deal” between the world’s two largest economies, but talks between Washington and Beijing are continuing.

In terms of wins, he can claim some significant deals and point to his tariffs having generated an impressive $27bn (£20.4bn) in June, not bad for a single month.

But the legality of the approach is under siege – with the US Court of International Trade ruling that the “Liberation Day” tariffs exceeded the president’s authority, with enforcement paused pending appeal.

The deadline has stirred the pot, forcing a handful of deals onto the table. Whether they stick or survive legal scrutiny is far from settled.

But the playbook remains the same – threaten the world with trade chaos, whittle it down, celebrate the wins, and pray no one checks what’s legal.

Politics

Michael Saylor joins chorus for clarity as US works to legally define crypto

Published

3 hours ago

August 1, 2025

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Michael Saylor joins chorus for clarity as US works to legally define crypto

Strategy’s Michael Saylor wants the US government to clearly define digital securities and commodities, as well as state when it is allowable to tokenize securities.

Entertainment

Flintoff praises NHS staff who treated him after crash, as doctor says his injuries were ‘among most complex’ he’s ever seen

Published

4 hours ago

August 1, 2025

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Flintoff praises NHS staff who treated him after crash, as doctor says his injuries were 'among most complex' he's ever seen

Andrew Flintoff has praised the “love and compassion” of “superhero” staff in a visit to the hospital that treated him after his crash.

The cricket legend was seriously injured during the incident on the Top Gear track in Surrey in December 2022.

He was airlifted to St George’s in Tooting, with a surgeon calling Flintoff’s injuries some of the most complex he’s seen.

“I just want to say a massive thank you to all the staff at St George’s,” Flintoff said, as he returned to the London hospital.

“I came here probably the lowest I’ve ever been, in need of help and the expertise, the love, the compassion they showed me was incredible.

“I’ll be eternally grateful – absolute superheroes.”

Jahrad Haq, a maxillofacial surgeon, said he knew immediately the case was something out of the ordinary.

“I was on call that day and received a phone call from the emergency department consultant,” said Mr Haq.

“A lot of injuries are managed at a more junior level before escalating, so I knew this one was serious.

“Of all the trauma cases I’ve seen in over 20 years, this was among the most complex.”

Flintoff was also pictured on his visit meeting lead dental nurse Linda Holden and principal orthodontic nurse Sonia Steer.

Shamim Umarji, who also treated the 47-year-old, said it was “wonderful to see Freddie again and his visit gave staff a real boost”.

“He spent a lot of time chatting to everyone and it meant a lot,” added the trauma and orthopaedic surgeon.

Flintoff previously described how he thought he had died in the accident – which saw him “pulled face-down on the runway” for about 50m under a three-wheel car.

The incident led to the BBC pulling the plug on Top Gear and it remains unclear if it will ever return.