The U.S. economy grew slower than expected in the first three months of 2024.
It expanded at an annual rate of 1.6 %, well below the 3.4% rate logged in the previous quarter and flagged as the slowest pace of growth since the first half of 2022, according to the latest Gross Domestic Product (GDP) data from the Commerce Department’s Bureau of Economic Analysis.
The “advance” estimates show that compared to the previous quarter, the slowdown in Q1 primarily reflected decelerations in consumer spending, exports, and state, local, and federal government spending. An increase in imports and residential fixed investment partly offset the slowdown during the quarter.
The Personal Consumption Expenditures (PCE) price index, which tracks the amount consumers are spending on goods and services, increased by 3.4% in Q1 after rising by 1.8% in the previous…
