The U.S. economy saw slower growth in the first quarter of 2024 compared to the previous quarter of 2023 and below what economists had predicted. According to advanced estimates from the Bureau of Economic Analysis released on Thursday, the Gross Domestic Product (GDP) grew at an annualized rate of 1.6% in the first quarter, lower than the 3.4% growth in the final quarter of 2023 and below the economist consensus forecast of 2.5%.
One key highlight of Q1 2024 GDP was a growth rate of just 1.6%, which is significantly lower than expected by many experts and signals a slowdown in economic activity. Another highlight was that the Core Personal Consumption Expenditure (PCE) price index, which measures inflation at consumers’ level, slowed from an impressive 3.4% in Q4 2023 to a more modest but still high figure of 3.7% in Q1 2023, exceeding expectations for a decline to around 2%.
Real consumer spending growth also slowed from an impressive rate of
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