US GDP growth slows to annual rate of 1.6% in Q1
The U.S. gross domestic product (GDP) growth rate slowed down to an annual rate of 1.6 percent in the first quarter of this year, the U.S. Department of Commerce reported on Thursday.
The latest data marks a sharp slowdown from the fourth quarter in 2023, when GDP grew by 3.4 percent, according to the Bureau of Economic Analysis.
Compared to the fourth quarter, the deceleration of real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment.
The newly released GDP estimate for the first quarter, in what was called an "advance" estimate, is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the first quarter, based on more complete source data, will be released on May 30.
Related articles
- Cancer-stricken King Charles will be feeling fresh heartache after a former IRA commander confessed2024-05-21
Cleveland Guardians are off to a blazing start with MLB's best record under rookie manager
CLEVELAND (AP) — Heads bobbed in unison around Cleveland’s clubhouse late Sunday afternoon as techno2024-05-21Met officer admits dispersal order 'breached by Tommy Robinson at march against anti
A senior Metropolitan Police officer who signed a dispersal order allegedly breached by Tommy Robins2024-05-21Environmental groups sue Maine for action on climate
PORTLAND, Maine (AP) — A youth organization and a pair of environmental groups are suing the state o2024-05-21Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
Justin Timberlake is set to bring his The Forget Tomorrow World Tour to Australia next year.Daily Ma2024-05-21Jaiswal strikes form as Rajasthan beats Mumbai to stay on top in IPL
JAIPUR, India (AP) — Yashasvi Jaiswal ended a string of poor scores by posting his second century in2024-05-21
atest comment