Economic gauge The Commerce Department releases its initial estimate of first-quarter economic growth on Thursday. Economists expect growth slowed to just 2% in the first quarter of 2024, down from 3.4% in the final quarter of 2023 and 4.9% in the third quarter. Consumers are still spending, which is a key driver for economic growth, but they’re facing persistent pressure from high borrowing rates and inflation. GDP, seasonally adjusted annual rate, by quarter: Q4 2022: 2.6%Q1 2023: 2.2% Q2 2023: 2.1%Q3 2023: 4.9% Q4 2023: 3.4%Q1 2024 (est.): 2.0 Source: FactSet. Tracking unemployment The Labor Department releases its weekly tally of unemployment benefit applications on Thursday. The proxy for layoffs held steady last week at 212,000 jobless claims. They have mostly remained in a narrow range since February. The resilient labor market has helped bolster consumer spending, while giving the Federal Reserve more reason to maintain high interest rates to tame inflation. |
Defending champion Sabalenka advances at Madrid Open with a 3Brit father, 51, is left fighting for life after freak fall while using gym on Turkish holidayElite female bodyguards reveal the fascinating secrets of protecting ABook Review: Emily Henry is still the modernSurging auto insurance rates squeeze drivers, fuel inflationEgypt sends delegation to Israel, its latest effort to broker a ceaseAt least 17 people died in Florida after medics injected sedatives during encounters with policeA ban in Kansas on genderAt least 70 people killed by flooding in Kenya as more rain is expected through the weekendPrivate security firm says missile fire seen off the Yemen coast in the Red Sea near crucial strait