Slower Than Anticipated: US Economy Grows At 1.6% Annualized Rate In Q1 2024, Marking A Clear Slowdown

The US economy experienced a slowdown in growth last quarter, with consumer and government spending cooling amidst a rise in inflation. This was evident in the country’s gross domestic product (GDP) increase of just 1.6% annualized rate in January-March 2024, which fell short of the expected 2.4% rise. The growth rate marked a clear slowdown from the previous quarter’s 3.4% increase and was the weakest since mid-2022.

The primary driver of US economic growth, personal spending, also saw slower than anticipated growth at a 2.5% pace, highlighting a loss of momentum at the beginning of 2024 following a strong year of economic performance.

As more information becomes available, it will be important to keep an eye on these trends and their potential impact on the overall health of the US economy. In order to stay informed and make informed decisions, it is recommended to stay up-to-date with reliable sources and resources that provide accurate and timely information on these topics.