In the first quarter of 2024, the U.S. economy experienced a slowdown, with economic growth falling more than expected, according to a report from the government. The figures from the bureau of Economic Analysis revealed that gross domestic product increased at a rate of 1.6% on an annualized basis during the first three months of the year. This was a decline from the 3.4% growth seen in the fourth quarter of 2023. Economists, surveyed by FactSet, had predicted a growth rate of 2.2% for the last quarter, a decrease from the revised 3.4% growth in the previous three months.
The developing story highlights the fluctuations in the U.S. economy and Kate Gibson, a reporter for CBS MoneyWatch in New York, provides updates on this situation as she analyzes this unexpected decline in economic growth in the first quarter of 2024.
This is cause for concern for economists and policymakers as they examine factors contributing to this decline and how it will affect future economic policies and decision-making processes.
Stay tuned for more updates on this evolving story as experts continue to study and interpret these data to understand their implications for the broader economy.