June 22, 2024
News

Soft consumer spending contributes to slower US GDP growth in the last quarter

The economy of the United States expanded at a slower rate in the first quarter than originally reported, mainly due to weaker consumer spending on goods. The Bureau of Economic Analysis released figures on Thursday showing that gross domestic product increased by 1.3% annualized in the first three months of the year, below the previous estimate of 1.6%. Consumer spending is a key driver of economic growth…

FAQ

1. What factors contributed to the slower pace of economic growth in the first quarter?

2. How does consumer spending impact the overall economy?

Conclusion

Despite the slower growth in the first quarter, the US economy continues to show resilience. It is important for policymakers to monitor consumer spending trends and take appropriate measures to support economic expansion.

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