In the first quarter of 2024, the US economy experienced its slowest growth in two years, with consumer and government spending cooling amidst a rise in inflation. Despite expectations of a 2.4% increase, the country’s gross domestic product (GDP) only grew at an annualized rate of 1.6%. This marked a significant slowdown from the previous quarter’s 3.4% increase and was the weakest growth rate since mid-2022.
The primary driver of economic growth in the US, personal spending, also saw slower than anticipated growth at a pace of 2.5%. This loss of momentum at the beginning of 2024 follows a strong year of economic performance.
As more information becomes available, we will continue to provide updates on this developing story. Stay tuned for further details on the state of the US economy and any potential implications for businesses and investors.