2024 Q1 US economy expanded at a 1.4% annual pace, with consumer spending at 1.5%, affected by high interest rates, and imports decreased.
The US economy expanded at a 1.4% annual pace in Q1 2024, slightly up from the previous estimate. Consumer spending grew at a 1.5% rate, down from an initial estimate of 2%, suggesting high interest rates may be affecting the economy. The Commerce Department attributed the growth to a decrease in imports and an increase in non-residential fixed investment and government spending. This slowest quarterly growth since spring 2022 marked a sharp pullback from the 3.4% surge in Q4 2023.
June 27, 2024
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