Najib told MACC of millions of ringgit kept as contingency after GE13 to prevent Sept 2008 Pakatan Rakyat takeover repeat, witness says in 1MDB trialThe skyline of lower Manhattan across the East River in New York City February 6, 2023. The US economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer spending, the Commerce Department reported today.
The downgrade of first-quarter growth followed recent softness in readings of retail sales and equipment spending. The downward revision to GDP brings the first-quarter’s growth rate to the lowest since the second quarter of 2022, when the economy contracted, and leaves output below the 1.8 per cent rate that officials at the Fed see as its longer-run, noninflationary potential.
Initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 219,000 for the week ended May 25. Economists polled by Reuters had forecast 218,000 claims.