Dollar hits three-year low and economy contracts
The Commerce Department reported Thursday a 0.5% decline in the United States’ gross domestic product, which marks an economic shrinkage during the first quarter of 2025.
This is a decline from the previous quarter’s increase of 2.4%. The shrinkage comes from an increase in imports, a decline in consumer spending and a decrease in government spending, the U.S. Bureau of Economic Analysis noted.
A decline in spending and an increase in imports could be attributed to consumers rushing to import products ahead of threatened tariffs and continued inflation.
At the same time, the U.S. dollar value dropped to its lowest level since 2022 on Thursday. The dollar’s value ebbs and flows depending on economic conditions, such as political and policy movements. This year, the dollar value changed amid President Donald Trump’s inauguration and tariff comments, among other events. The value reflects the stability and reliability of a form of currency.
Experts told Reuters that the recent decline in the dollar value comes from President Trump’s criticism of the Federal Reserve. The president commented this week that he is looking to replace Fed Chair Jerome Powell with a new chair more likely to drop interest rates.
Builder New Home Co. completes acquisition of Landsea Homes
National homebuilder New Home Co. completed its acquisition of Landsea Homes on Wednesday, pushing the already major builders into a new ranking.
The news comes after a May 12 announcement of the $1.2 billion acquisition. It’s backed by New Home Co.’s private equity owner Apollo.
Landsea sold 2,831 homes last year while New Home Co. sold 1,123, according to self-reported data. In national listings, Landsea is regarded as the 28th largest builder in the country while New Home Co. is ranked as the 38th largest. The company estimates its new combined ranking as a top 25 homebuilder.
The acquisition expands New Home Co.'s footprint into Florida and strengthens its presence in Landsea's other four states, Arizona, California, Colorado and Texas, where New Home Co. already has a presence.
Rural communities to get fast delivery from Amazon by end of year
Amazon will expand same-day and next-day deliveries to more small cities, towns, and rural locales, the company announced on Tuesday.
The expansion to 4,000 communities will happen by the end of the year and is part of a $4 billion investment to triple its delivery network.
In the announcement, Amazon noted its volume of same-day and next-day deliveries increased by 30% year over year.
The expansion will add more job opportunities, with the company estimating an average of 170 new jobs per delivery station. Delivery stations are a local hub where deliveries are sorted and dispatched.