US Q1 GDP: At 6.1%, US economy grows at slowest pace in 2 years, misses estimates on sharp uptick in core inflation
US GDP Growth: The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6 per cent annualized rate in January-March 2024, missing Wall Street expectations of a larger 2.4 per cent rise seen in the quarter-under-review.
The growth was also a clear slowdown from the 3.4 per cent increase in the final three months of last year, and the weakest growth rate since mid-2022. The world's biggest economy's main growth engine — personal spending — rose at a slower-than-forecast 2.5 per cent pace.
The figures represent a notable loss of momentum at the start of 2024 after the economy wrapped up a surprisingly strong year. more to comeMilestone Alert!
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