The US economy experienced a slowdown in the first quarter of 2024, with economic growth falling more than expected, according to a report from the government. The figures from the bureau of Economic Analysis revealed that gross domestic product increased at a rate of 1.6% on an annualized basis during the first three months of the year. This was a decline from the 3.4% growth seen in the fourth quarter of 2023.
Economists surveyed by FactSet had predicted a growth rate of 2.2% for the last quarter, a decrease from the revised 3.4% growth in the previous three months. This developing story highlights the fluctuations in the US economy, with Kate Gibson, a reporter for CBS MoneyWatch in New York, providing updates on the situation.
The unexpected slowdown in economic growth in the first quarter of 2024 is a point of concern for economists and policymakers as they analyze the factors contributing to this decline. The figures released by the bureau of Economic Analysis provide valuable insights into the state of the US economy and will shape future economic policies and decision-making processes. Stay tuned for more updates on this evolving story as experts continue to study and interpret
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