The U.S. economy saw a decline in economic growth during the first quarter of 2024, with gross domestic product increasing at a rate of just 1.6% on an annualized basis, according to figures from the bureau of Economic Analysis. This was a significant decrease from the 3.4% growth seen in the fourth quarter of 2023 and fell short of economists’ predictions for a growth rate of 2.2%.
The slowdown in economic growth is a cause for concern for both economists and policymakers, who are working to identify the factors contributing to this decline. As Kate Gibson reports for CBS MoneyWatch in New York, this developing story highlights the fluctuations in the U.S. economy and will shape future economic policies and decision-making processes.
Economists surveyed by FactSet had predicted a growth rate of 2.2% for the last quarter, but were surprised by the revised figure of 3.4%, which was still above what actually occurred in the first three months of the year. This suggests that there may be other factors at play that are affecting economic growth beyond just policy decisions and market conditions.
As experts continue to study and interpret the data, it remains unclear what implications this will have for the broader economy in terms of job creation, inflation rates, and overall economic stability.
Stay tuned for more updates on this evolving story as we gain more insights into the state of our nation’s economy today.