President Biden Addresses Slowdown in Nation’s Economy at Campaign Event in Syracuse”.

President Joe Biden is set to address the nation’s economy during a campaign event in Syracuse, New York on Thursday afternoon starting at 1:30 p.m. ET. His speech comes at a time when a report has shown a significant slowdown in the nation’s economy, with growth dropping to a 1.6% annual pace in the first quarter of the year due to high interest rates.

Despite these challenges, key components of the economy remain robust, with strong contributions from both households and businesses in driving economic growth last quarter. Economist Paul Ashworth noted that there is still positive momentum in the economy, despite the volatile import and inventory figures.

The Commerce Department’s report released on Thursday shows that the deceleration in the gross domestic product (GDP) from an impressive 3.4% growth rate in the previous quarter was largely attributed to a surge in imports and reductions in business inventories, which both had a negative impact on growth. Inflation rates increased to a 3.4% annual rate in the first quarter of the year, up from 1.8% in the previous quarter, which continues to be a concern for the Federal Reserve. Core inflation, excluding food and energy prices, also rose to a 3.7% rate, up from 2% in the last three months of 2021.

Consumer spending, a key driver of economic activity, rose by a solid 2.5% annual rate in the first quarter