Afternoon Coffee: GDP Grows Just 0.5% in Q1, Consumer Comfort Index Rises

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U.S. gross domestic product increased 0.5% in the first quarter of the year, the Bureau of Economic Analysis reported today. The subdued growth in GDP reflected a dip in consumer spending and business investment as well as a deceleration in government spending.

U.S. consumer confidence has more recently improved, however. The Bloomberg Consumer Comfort Index grew in the last week to 43.4 as consumers felt more optimistic about their finances and look to buy goods and services in the near future.

Volkswagen said its emission test scandal could end up costing much more than the $18 billion previously estimated. The carmaker said in a report published today it could be hit with “further significant financial liabilities,” and that it may have to sell additional assets.

Coupa recently announced it formed a new Executive Advisory Board made of business leaders in various industries and led by Coupa’s Executive Strategic Advisor Kendra Von Esh. The goal of the board is to “transform how enterprises manage their spending while achieving improved employee productivity and contract compliance in the new digital economy.”

 

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