US Economy Slows Down in First Quarter, But Stays Resilient Despite Concerns

In the first quarter of the year, the US economy experienced a greater than expected slowdown. Despite this, it remained solid compared to historical standards. The steady decline in economic growth over the past year suggests a positive outlook for lower interest rates, but the Federal Reserve has clarified that they are not in a rush to cut rates.

According to the Commerce Department, gross domestic product (GDP) grew at an annualized rate of 1.6% in the first quarter. This is a significant decrease from the 3.4% rate seen in the fourth quarter and falls below the 2.2% rate projected by economists in a FactSet poll. These figures are adjusted for seasonal fluctuations and inflation.

It is important to note that this story is still developing and updates will be provided as more information becomes available.