Economy

Economy

On Gateway Exchange developer's list: Restaurant, gas station

CHAMPAIGN — A restaurant and gas station with convenience store could be the first commercial developments on the way to join Carle at the Curtis Road interchange at Interstate 57.

U.S. growth slows in first quarter as consumers rein in spending

WASHINGTON (AP) — The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result fell well short of President Donald Trump's growth targets and underscores the challenges of accelerating expansion.

GM's profit spikes on U.S. truck, SUV sales

DETROIT (AP) — Rising sales of high-profit trucks and SUVs in the U.S. helped push General Motors to a first-quarter profit record as the company put up $2.6 billion in net income.

Exxon's 1st-quarter profit doubles on higher oil prices

IRVING, Texas (AP) — Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled.

Employment costs climbed steadily in first quarter

WASHINGTON (AP) — Wages and benefits paid to U.S. civilian workers grew steadily in the first three months of the year.

The Employment Cost Index, which tracks wages and benefits, was up 0.8 percent in the first quarter, the Labor Department said Friday, That's the biggest quarterly growth since December 2007 and slightly faster than the 0.5 percent growth in the last quarter of 2016.

GDP grows just 0.7 percent in first quarter

WASHINGTON (AP) — The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets.

American Airlines' employee raises upset Wall Street

FORT WORTH, Texas (AP) — American Airlines is giving pay raises to its pilots and flight attendants, who have complained they are paid less than peers at other airlines. Wall Street isn't happy.

C-U, Danville both see March jobless numbers drop over 2016

CHAMPAIGN — The unemployment rate declined by about a percent in both the Champaign-Urbana and Danville metro areas compared with a year ago.

In the Champaign-Urbana metro area, the unemployment rate declined from 5.4 percent a year ago to 4.5 percent in March, according to the latest unemployment report.

Pending home sales slip in March

WASHINGTON (AP) — Fewer consumers signed contracts to buy U.S. homes last month as the spring buying season revs up with stiff competition for homes amid lagging inventory.

The National Association of Realtors said Thursday that its pending home sales index slipped 0.8 percent to 111.4 in March, from 112.3 in February.

Trump says U.S. won't leave NAFTA — for now

WASHINGTON (AP) — President Donald Trump said he has told the leaders of Mexico and Canada that he will not pull out of the North American Free Trade Agreement at this time, but could still withdraw if he concludes a renegotiated pact is not "a fair deal for all."