The U.S. economy experienced a slower growth rate in the first quarter of 2024 compared to the previous quarter of 2023 and below what economists had predicted. According to advanced estimates from the Bureau of Economic Analysis, Gross Domestic Product (GDP) grew at an annualized rate of 1.6% in the first quarter.
Some key highlights of Q1 2024 GDP include a lower growth rate of 1.6%, which is below the economist consensus forecast of 2.5%. The Core Personal Consumption Expenditure (PCE) price index, the Federal Reserve’s preferred inflation gauge, also slowed down from 3.4% in Q4 2023 to 3.7% in Q1 2023, exceeding the expected 2%. Real consumer spending growth also slowed down from 3.5% to 2.5%, falling short of the expected
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