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.
The primary growth driver of the US economy, personal spending, 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.
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