An Israeli official pointed to the phrasing of the ruling by the ICJ, or World Court, depicting it as conditional
world10 hours ago
Gross domestic product, which measures total goods and services output within U.S. borders, dropped at a 6.1 percent annual rate, the Commerce Department said, after shrinking 6.3 percent in the fourth quarter.
Analysts polled by Reuters had forecast GDP falling at a 4.9 percent rate in the January-March quarter. Output has declined for three straight quarters for the first time since 1974-1975.
The advance report from the Commerce Department showed business inventories plummeted by a record $103.7 billion in the first quarter, as firms worked to reduce stocks of unsold goods in their warehouses. That sliced 2.79 percentage points from the overall GDP figure. Excluding inventories, GDP contracted 3.4 percent.
However, declining inventories is a positive development as it suggests the inventory correction cycle might be over. Exports collapsed 30 percent, the biggest decline since 1969, after dropping 23.6 percent in the fourth quarter. The decline in exports knocked off a record 4.06 percentage points from GDP.
Investment by businesses tumbled a record 37.9 percent in the first quarter, while residential investment dived 38 percent, the biggest decline since the second quarter of 1980.
However, there were some bright spots in the report. Consumer spending, which accounts for over two-thirds of U.S. economic activity, rose 2.2 percent, after collapsing in the second half of last year. Consumer spending was boosted by a 9.4 percent jump in purchases of durable goods, the first advance after four quarters of decline.
The Commerce Department said the government’s $787 billion rescue package of spending and tax cuts, approved in February, had little impact on first-quarter GDP. Part of the stimulus package is designed to bolster state and local and government spending, which fell at a 3.9 percent rate in the first quarter, the largest decline since the second quarter of 1981.
An Israeli official pointed to the phrasing of the ruling by the ICJ, or World Court, depicting it as conditional
world10 hours ago
The 21-hour suspension comes after the warning that the cyclone will impact the coastal region of West Bengal
world10 hours ago
Chief minister orders immediate rescue and relief operations after part of TRP Game Zone in Rajkot collapsed during the fire
world10 hours ago
Alejandro Garnacho and Kobbie Mainoo seal victory for the Red Devils with first half goals within nine minutes of each other
sports10 hours ago
Margarita Robles says Madrid's recognition of Palestine not a move against Israel, but designed to help end violence in Gaza
world10 hours ago
The delay on Oud Metha Road is due to the football match between Al Wasl and Shabab Al Ahli at Al Wasl FC
transport11 hours ago
Following heavy demand for participation in the open house, a second session was scheduled and saw an overwhelming response from the aspirants
uae12 hours ago
The mission named PREFIRE is expected to improve prediction by measuring heat escaping from Earth's poles for the first time
space12 hours ago