GDP slows to 1.6%

The Commerce Department’s report on Thursday revealed that U.S. economic growth fell short of expectations at the beginning of the year, accompanied by a faster rise in prices.

Gross domestic product (GDP), a measure of goods and services produced from January to March, increased at a 1.6% annualized pace after adjustments for seasonality and inflation, as reported by the Bureau of Economic Analysis.

Economists surveyed had anticipated a 2.4% increase, following gains of 3.4% in the previous quarter of 2023 and 4.9% in the period before that.

Consumer spending rose by 2.5% during the period, lower than the 3.3% increase in the previous quarter and below the 3% estimate from Wall Street, CNBC reported.

read more: https://www.cnbc.com/2024/04/25/gdp-q1-2024-increased-at-a-1point6percent-rate.html

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