11.5 C
Jammu
Wednesday, February 21, 2024
HomeFeatured StoriesUS economy shrinks in first quarter of the year; faces threats from...

US economy shrinks in first quarter of the year; faces threats from high inflation, rising interest rates

Date:

Related stories

Japan, Malaysia Sign $2.8M Maritime Security Deal to Counter China

Japan and Malaysia signed a security assistance deal Saturday...

Labour protests in China increase rapidly amid economic slowdown..

Labour protests in China have increased rapidly since August...

Govt, ECP swing into action against former Pindi commissioner..

The fallout of bombshell allegations about election rigging levelled by former...

Philippines accuses Chinese boats of ‘dangerous’ actions..

The Philippines on February 17 accused Chinese coast guard...

The U.S. economy shrank in the first three months of the year, and faces threats from high inflation and rising interest rates.

According to media reports, the first quarterly decline in the gross domestic product since the pandemic hit in 2020, a 1.4 percent drop on an annualized basis.

On other hand, rising wages bolstered spending by households and higher profits drove investment by companies.

The job market also remains robust, with the unemployment rate near a 50-year low of 3.6 percent, and wages rising steadily. Last month, prices jumped 8.5 percent from a year earlier, the fastest such rise in four decades.

Latest stories