The Daily Money: US economy grew at 1.1% rate in the first quarter, GDP report says

Forecasters say a recession could begin soon as high interest rates and inflation squeeze consumers.

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Apr 27 2023 We're over the hump, Daily Money readers! It's Amanda Pérez Pintado, back to bring you today's top headlines.  The U.S. economy lost some steam in the first months of 2023. Gross domestic product, a measure of the value of the goods and services produced in the nation, grew at a seasonally adjusted annual rate of 1.1% in the first quarter , the Commerce Department said on Thursday. That's lower than the GDP gains of 3.2% in the third quarter and 2.6% in the final three months of the year. Forecasters say a mild recession could begin soon as high interest rates and inflation squeeze consumers.  Weekly jobless claims Despite growing layoffs across industries, the number of Americans filing jobless claims declined last week, according to the Department of Labor. In the week ending April 22, a total of 230,000 Americans filed for unemployment insurance for the first time, down 16,000 from the previous week. The number of people applying for unemployment benefits is seen as a barometer for layoffs.  📰 More stories you shouldn't miss 📰  Immigrants are driving labor force growth, easing worker shortages and inflation Meta's revenue growth is back, but can it continue for the parent of Facebook, Instagram? More 'Golden Girls' than 'Friends': Can home sharing be the answer to America's housing affordability crisis?  Disney lawsuit accuses Florida Gov. Ron DeSantis of 'targeted campaign of government retaliation' 💻 Take Your Child to Work Day 💻 Today marks National Take Your Child to Work Day. The annual event serves as an opportunity for parents or guardians to give their children a glimpse into the workplace. Here's how to participate even if you work from home.  About The Daily Money  Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. How home sharing is helping solve housing affordability crisis The arrangement's popularity is fueled by rising rents and the increasing carrying costs of owning a home. READ MORE Advertisement How immigrants are easing worker shortages and inflation Immigrants are behind most of the growth in the U.S. labor force the past few years. The trend has helped ease worker shortages and slow inflation. READ MORE Despite growing layoffs, the number of jobless claims has declined Despite Amazon, Disney and other companies laying off workers, the number of jobless claims filed by American workers has declined. READ MORE Stellantis plans to cut 3,500 hourly US jobs, offer buyouts to 33K Job openings created by the departures at Jeep-parent Stellantis would be filled by workers on indefinite layoff, according to the UAW. READ MORE Economy grew modestly in first quarter but a recession could be imminent Forecasters say a recession could begin as soon as the current quarter. High interest rates and inflation are starting to curtail growth. READ MORE Is home sharing right for me? Dos and dont's of home sharing. The key to a successful home sharing arrangement is compatibility, so taking personal inventory and listing out what you want is important. READ MORE Most and least expensive private colleges in the United States Though most students do not pay tuition in full, colleges can have intimidating sticker prices. Here are the highest private college sticker prices. READ MORE Student loans got you down? These internships pay handsomely. While the Supreme Court mulls student debt forgiveness, people can earn money to help pay for college. Here are top paid internships, how to get one. READ MORE Looking for money advice? Here are the top U.S. financial advisers A look at top financial advisers, according to USA TODAY and Statista. Amid a volatile stock market, consumers may need guidance. READ MORE Managers at Florida restaurant took servers' tips; $262,000 recovered Employers, managers or supervisors may not receive tips from a tip pool, according to the Department of Labor. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback