GDP cools in first quarter as recession fears deepen

According to the Commerce Department’s announcement on Thursday, the US economy experienced a slowdown in the first quarter of this year, raising concerns about the possibility of a mild recession as consumer spending weakens.

Consumer spending has been a driving force behind the world’s largest economy, providing a strong start to 2023. However, recent turbulence in the banking sector and rising interest rates are expected to impact the economic outlook negatively.

In the January to March period, US gross domestic product (GDP) increased at an annual rate of 1.1 percent, down from 2.6 percent in the fourth quarter of the previous year, Barrons reported.

"US Growth Cools In First Quarter As Recession Fears Deepen"
READ MORE: https://www.barrons.com/news/us-growt...

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