In the first quarter of 2024, the US economy experienced its slowest growth in two years, with consumer and government spending cooling down alongside a significant increase in inflation. The US gross domestic product (GDP) rose at a rate of 1.6% annually, falling short of the 2.4% increase expected by Wall Street analysts for that quarter.
This growth rate represented a noticeable slowdown from the 3.4% increase seen in the final three months of the previous year, marking the weakest growth rate since mid-2022. Personal spending, which is a key driver of the US economy, increased at a slower-than-expected rate of 2.5%. These figures suggest a loss of momentum at the beginning of 2024 after a strong performance in the previous year.
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