Author: omc_admin
The U.S. economy contracted in the first three months of 2025, as businesses rushed to stock up on imports ahead of the Trump administration’s tariffs and consumer spending slowed. The Commerce Department said U.S. gross domestic product—the value of all goods and services produced across the economy—fell at a seasonally and inflation adjusted 0.3% annual rate in the first quarter. That was the first contraction since the first quarter of 2022. Consumer spending, the economy’s main engine, rose at a 1.8% pace in the first quarter, the smallest increase since mid-2023. Spending by the federal government fell as the Department…
(Bloomberg) — Mexico’s economy expanded slightly in the first quarter on a jump in agricultural output, allowing President Claudia Sheinbaum to avoid recession as she steers the nation through an unpredictable US tariff policy. Most Read from Bloomberg Gross domestic product grew 0.2% in the three months through March, above the 0.1% median estimate of economists surveyed by Bloomberg, after a 0.6% decline in the prior quarter. From a year before, GDP expanded 0.8%, higher than the 0.7% median estimate, according to preliminary data published Wednesday by the national statistics institute. Quarterly growth was driven by an 8.1% surge in…
Gerard Bottino / SOPA Images / LightRocket via Getty Images Bookings for cruises to the Caribbean are strong, but have been choppy for trips to Europe, Norwegian Cruise Line Holdings said Wednesday. Executives said consumers seem more comfortable sticking closer to home amid economic uncertainty. Royal Caribbean Group also envisions Americans booking trips closer to home, executives said Tuesday. Americans aren’t giving up on vacations, but cruise operators say they’re sticking closer to home. Bookings for Caribbean-bound cruises remained brisk in the first three weeks of April, but trips to Europe were weak, Norwegian Cruise Line Holdings (NCLH) executives said…
April was one of the wildest months in recent memory for markets, capped off by a key data release that showed the economy shrank last quarter for the first time in years. After tumbling Wednesday morning, the S&P 500 and the Dow gradually clawed back losses and pushed into the green to close out the day. The Dow gained 142 points, or 0.35%. The S&P 500 rose 0.15%. The tech-heavy Nasdaq Composite fell 0.09%. The S&P 500 and Dow notched a seven-day winning streak, their best continuous rally this year. However, the indexes closed out April in the red as…
Consumer confidence fell to its lowest level in 13 years, according to the Conference Board’s most recent survey released Tuesday. Survey respondents were most concerned about President Donald Trump’s tariff policies and how they would impact prices. Consumer confidence fell for the fifth straight month on the heels of President Donald Trump’s sweeping tariff policies, driving up prices and spooking Americans. The Conference Board’s most recent survey for its Consumer Confidence Index, published Tuesday, shows confidence dropped nearly eight points in April to 86. Consumers’ expectations for the future are now at a 13-year low, according to the Conference Board.…
(Bloomberg) — Oil dropped as the global trade war hurt the outlook for demand, with data indicating signs of strain in the US economy. Most Read from Bloomberg West Texas Intermediate slipped 2.6% to settle around $60 a barrel, the lowest close in more than two weeks. The widely referenced US consumer confidence gauge weakened significantly in data released Tuesday, another sign of the pessimism stemming from President Donald Trump’s levies. Additional reports due this week, including manufacturing data out of China, will shed further light on the economic strength of the world’s biggest importer of crude. A handful of…