In the first quarter of the year, the US economy experienced a slower growth rate than anticipated. While it still remained stable compared to historical standards, this marked a significant decrease from the previous quarter’s growth rate of 3.4%. This decline could potentially lead to lower interest rates in the near future, as economists predict a 2.2% rate for the year. However, the Federal Reserve has indicated that it is not in a rush to cut rates at this time.
The Commerce Department recently released its report on gross domestic product (GDP) for the first quarter, which measures all goods and services produced in the economy. The annualized rate of GDP was 1.6% in the first quarter, below both the predicted rate by economists and the previous quarter’s rate. Despite being adjusted for seasonal fluctuations and inflation, this figure represents a significant drop from recent years.
As economic conditions continue to evolve, further updates on this topic will be provided as they become available. The-CNN-Wire™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
