In January-March 2024, the US economy experienced its slowest growth in two years, with consumer and government spending cooling amidst a rise in inflation. The country’s gross domestic product (GDP) increased at a 1.6 per cent annualized rate, falling short of the expected 2.4 per cent rise. This growth rate marked a clear slowdown from the previous quarter’s 3.4 per cent increase and was the weakest since mid-2022.
Personal spending, the primary growth driver of the US economy, also saw slower than anticipated growth at a 2.5 per cent pace. These figures underscore a loss of momentum at the beginning of 2024 following a strong year of economic performance.
As more information becomes available, it is important to monitor these developments closely to gain insights into how they may impact future economic trends and policies. Stay informed with our comprehensive news coverage and analysis on current events affecting your investments and financial wellbeing.