WSJ Reporter

The U.S. economy shrank in the first quarter as imports surged ahead of tariffs. Plus, why a growing number of companies are shelving their financial guidance for the quarter ahead.

The U.S. economy shrank in the first quarter as imports surged ahead of tariffs. Plus, why a growing number of companies are shelving their financial guidance for the quarter ahead.

And a federal judge orders the release of a Columbia student detained by the Trump administration. It's Wednesday, April 30th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. The U.S.

And a federal judge orders the release of a Columbia student detained by the Trump administration. It's Wednesday, April 30th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. The U.S.

economy shrank at the start of this year as the trade turmoil started to hit, prompting businesses to stock up on goods from overseas. The Commerce Department said today that the U.S. gross domestic product, the value of all goods and services produced across the economy, had its steepest decline since the first quarter of 2022.

economy shrank at the start of this year as the trade turmoil started to hit, prompting businesses to stock up on goods from overseas. The Commerce Department said today that the U.S. gross domestic product, the value of all goods and services produced across the economy, had its steepest decline since the first quarter of 2022.

Stocks fell broadly after the release of the data before major indexes paired declines in the afternoon. In the end, major U.S. indexes ended the day mixed. The Dow was up 0.4 percent, the S&P 500 rose 0.2 percent, and the Nasdaq closed down about 0.1 percent. To tell us more about the GDP and other economic data out today, I'm joined by WSJ economic correspondent Harriet Torrey.

Stocks fell broadly after the release of the data before major indexes paired declines in the afternoon. In the end, major U.S. indexes ended the day mixed. The Dow was up 0.4 percent, the S&P 500 rose 0.2 percent, and the Nasdaq closed down about 0.1 percent. To tell us more about the GDP and other economic data out today, I'm joined by WSJ economic correspondent Harriet Torrey.

Harriet, as the Commerce Department said today, the U.S. GDP shrank in the first quarter by 0.3 percent. What does that tell us about the health of the economy now?

Harriet, as the Commerce Department said today, the U.S. GDP shrank in the first quarter by 0.3 percent. What does that tell us about the health of the economy now?

Let's talk about inflation. The Commerce Department also said today that the Personal Consumption Expenditures Price Index, the Fed's preferred gauge of inflation, rose by 2.3%. That's still higher than the Fed's 2% target, but it's the coolest reading since last fall. Does it seem likely that inflation will stay this way?

Let's talk about inflation. The Commerce Department also said today that the Personal Consumption Expenditures Price Index, the Fed's preferred gauge of inflation, rose by 2.3%. That's still higher than the Fed's 2% target, but it's the coolest reading since last fall. Does it seem likely that inflation will stay this way?

And finally, let's move on to discuss hiring. The ADP National Employment Report showed that hiring in the U.S. private sector slowed markedly in April. 62,000 jobs were created this month, down from 147,000 in March. Economists had expected hiring to slow less sharply.

And finally, let's move on to discuss hiring. The ADP National Employment Report showed that hiring in the U.S. private sector slowed markedly in April. 62,000 jobs were created this month, down from 147,000 in March. Economists had expected hiring to slow less sharply.

That was WSJ Economic Correspondent Harriet Torrey. Thanks so much, Harriet. Thank you. No one is feeling the impact of a hiring slowdown more than the class of 2025. Companies have retreated from plans to boost college graduate hiring this spring. The federal government is contracting, and consulting firms, a potential first employer for many college grads, are also retrenching.

That was WSJ Economic Correspondent Harriet Torrey. Thanks so much, Harriet. Thank you. No one is feeling the impact of a hiring slowdown more than the class of 2025. Companies have retreated from plans to boost college graduate hiring this spring. The federal government is contracting, and consulting firms, a potential first employer for many college grads, are also retrenching.

Personal finance reporter Oyin Adedoyin told our Your Money Briefing podcast why this job market reality isn't quite what soon-to-be grads were expecting.

Personal finance reporter Oyin Adedoyin told our Your Money Briefing podcast why this job market reality isn't quite what soon-to-be grads were expecting.

To hear more from The Conversation with Oyin, check out tomorrow's episode of Your Money Briefing. Coming up, some U.S. companies are yanking their guidance for the next quarter. More on what that means for them and their investors after the break.

To hear more from The Conversation with Oyin, check out tomorrow's episode of Your Money Briefing. Coming up, some U.S. companies are yanking their guidance for the next quarter. More on what that means for them and their investors after the break.