The Manila Times on Nostr: US economic growth markedly slower in Q1 ========== The US economy grew 1.6 percent ...
US economic growth markedly slower in Q1
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The US economy grew 1.6 percent in the first quarter of 2024, missing analysts' expectations of a larger 2.4-percent rise. This was a slowdown from the 3.4-percent increase in the previous quarter and the weakest rate since mid-2022. Consumer spending grew 2.5 percent, while there was a downturn in federal government spending. President Joe Biden maintained that the American economy remains strong, with unemployment below 4 percent for more than two years. However, he acknowledged that there is more work to do to lower costs for working families. The weaker-than-anticipated gain in GDP is not troubling, but the outlook going forward is uncertain, with labor market strength likely to support household spending and economic growth, but stubborn inflation could keep interest rates higher for a longer period of time.
#UsEconomy #EconomicGrowth #Gdp #ConsumerSpending #JoeBiden #Inflation
https://www.manilatimes.net/2024/04/27/business/top-business/us-economic-growth-markedly-slower-in-q1/1943469
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The US economy grew 1.6 percent in the first quarter of 2024, missing analysts' expectations of a larger 2.4-percent rise. This was a slowdown from the 3.4-percent increase in the previous quarter and the weakest rate since mid-2022. Consumer spending grew 2.5 percent, while there was a downturn in federal government spending. President Joe Biden maintained that the American economy remains strong, with unemployment below 4 percent for more than two years. However, he acknowledged that there is more work to do to lower costs for working families. The weaker-than-anticipated gain in GDP is not troubling, but the outlook going forward is uncertain, with labor market strength likely to support household spending and economic growth, but stubborn inflation could keep interest rates higher for a longer period of time.
#UsEconomy #EconomicGrowth #Gdp #ConsumerSpending #JoeBiden #Inflation
https://www.manilatimes.net/2024/04/27/business/top-business/us-economic-growth-markedly-slower-in-q1/1943469