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The US economy shrank for the first time in three years last quarter, according to new data released yesterday.
The nation's gross domestic product—or the value of all the goods and services it produced—declined at a 0.3% annual rate, short of expectations of 0.4% growth. The contraction, and an accompanying drop in consumer spending, came amid US tariff announcements fueling a surge in imports; those imports are subtracted from GDP. Economists are mixed on whether the second quarter will show a continued slowdown or whether it will rebound as US businesses reduce their imports. The data revealed a healthy pace of growth outside of imports and boosted investment in equipment. See more here.
A separate report yesterday from ADP showed private payrolls rising by 62,000 in April, far below the Dow Jones consensus estimate of 120,000. The combined reports caused experts to raise concerns about a potential recession in 2025. |
First Religious Charter School |
The US Supreme Court appeared open to green-lighting the country's first religious charter school in oral arguments yesterday. A decision is expected by early July.
St. Isidore is a proposed virtual K-12 Catholic school in Oklahoma. In 2023, it received school board approval to operate as a charter school, applying to receive $2.7M in state funds. At issue is whether state funding would violate the First Amendment's Establishment Clause, which prohibits states from endorsing a religion. Also at issue is whether barring the school from the charter school program is a violation of the Free Exercise Clause, given that secular schools can apply.
Justice Amy Coney Barrett recused herself from the case without explanation. Chief Justice John Roberts may hold the deciding vote, with other Republican-appointed justices appearing to side with the school, and Democratic-appointed justices siding with the state attorney general.
About 8% of US students—4 million children—are enrolled in charter schools. Learn more about the history here (w/video). |
University Student Released |
Columbia University student Mohsen Mahdawi was released on bail from ICE custody yesterday. His immigration case remains open, with another hearing scheduled for today.
The 34-year-old US permanent resident, originally from the West Bank, organized pro-Palestinian protests following the Oct. 7 Hamas attacks and subsequent Israel-Hamas war. He was arrested last month at a citizenship interview in Vermont and has since been held in custody. The State Department cites the Immigration and Nationality Act in its efforts to deport him, saying Mahdawi's activities compromise US foreign policy interests. The administration also cites a 2015 FBI investigation in which a gun shop owner accused Mahdawi of antisemitic comments; that investigation has reportedly been closed.
Hundreds of foreign students' visas have been revoked amid a Trump administration crackdown on pro-Palestinian protesters. Mahdawi is among the first to be released on bail, with high-profile detainees Mahmoud Khalil and Rümeysa Öztürk held in Louisiana. |
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Sports, Entertainment, & Culture |
> Barbra Streisand announces new studio album to be released June 27; will feature collaborations with Sir Paul McCartney, Mariah Carey, Bob Dylan, Ariana Grande, and others (More) |
> Renowned sports agent Jeff Sperbeck dies at age 62 after sustaining injuries from falling off a golf cart driven by NFL legend John Elway (More) |
> Nominations for the 78th Annual Tony Awards (June 8) to be announced this morning (8:30 am ET, CBS) (More) |
The Novel: Explore the centuries-old practice of long-form writing, including some of history's most impactful works, in this week's 1440 Society & Culture newsletter. |
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> Brain study reveals human consciousness may depend more on sensory input than previously believed and challenges two leading theories on its origin in the mind; results of seven-year study may inform treatments for incapacitated patients (More) |
> Researchers achieve strongest-ever coupling between a qubit and a light particle; advance may allow the readout of information from quantum computers in a few nanoseconds (More) | Quantum computing, explained (More) |
> Young bats learn to tell the difference between the sounds of various prey at an early age, suggesting the ability is not an ingrained evolutionary trait (More) |
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In partnership with Mode Mobile |
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> US stock markets close mixed (S&P 500 +0.2%, Dow +0.4%, Nasdaq -0.1%) as investors digest a batch of new economic data and earnings reports (More) |
> Microsoft shares rise nearly 7% in after-hours trading after beating forecasts, with quarterly revenue rising 13% year-over-year to $70B, driven by cloud business (More) | Meta shares rise 5% in after-hours trading after posting stronger-than-expected Q1 results, with quarterly revenue rising 16% year-over-year to $42B (More) |
> Amazon plans to invest $4B by end of 2026 and add 200 delivery stations across the US as part of its expansion into small towns and underserved areas (More) |
College Tuition: Join by 8:30 am ET and get our deep dive on the drivers behind spiraling costs of college tuition—sign up for 1440 Business & Finance. (PS—next week explores how annuities work.) |
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> Ukraine and the US sign deal giving the US preferential access to Ukraine's rare earth minerals, oil, and gas in exchange for ongoing military support; countries will co-own and manage an investment fund for extraction projects in Ukraine (More) | See latest war updates (More) |
> Pakistan says it has credible evidence India will strike within 36 hours; statement comes amid heightened tensions following last week's gun attack in Indian-controlled Kashmir (More) | See previous write-up (More) |
> Diabetes deaths fall to their lowest levels in years, new CDC data finds; in 2021, the condition was the eighth leading cause of death in the US (More) |
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> Seeing Double
NY Times | Esther Zuckerman. How filmmakers have evolved cinema's classic trick of doubling (or tripling) actors onscreen—from simple split screens and digital facial replacements to today's seamless visual wizardry. (Read)
> The Controversial Origins of 'Hillbilly'
Smithsonian | Alice George. Coined 125 years ago to describe rural Appalachians, the term “hillbilly” has transformed from a stereotype of poverty to a symbol of rugged independence and cultural pride. (Read) |
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"Follow your heart, your instincts. People might try to dissuade you from your passion, but no one can live your life but you." |
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