US Economy Suffered Lowest Growth Since First Half of 2022

The U.S. economy slowed in the first three months of 2024 as the Federal Reserve’s lagged effect of high interest rates appears to be filtering throughout the economic landscape.

According to the Bureau of Economic Analysis‘ second estimate, the real GDP growth rate in the first quarter was 1.3 percent. This is down from the federal agency’s advance estimate of 1.6 percent and in line with market estimates.

In the fourth quarter of 2023, the economy expanded 3.4 percent.

It was the lowest growth since the GDP contractions in the first half of 2022.

Inflation eased slightly as the personal consumption expenditures (PCE) price index dipped from 3.4 percent to 3.3 percent. Core PCE, which omits the volatile food and energy components, slid from 3.7 percent to 3.6 percent.

The GDP Price Index, a gauge of inflation in prices for all goods and services produced in the United States, was unchanged at 3.1 percent.

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