US Economic Growth Revised Down to 1.3% in Q1, Consumer Spending Slows from birth of wilder 2 Watch Video
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⏲ Duration: 0:44 👁 View: 10.6M times ✓ Published: 01-Jun-2024
Description: US economic growth in the first quarter was revised down slightly from an initial estimate of 1.6% to 1.3% on an annualized basis. Consumer spending, a key driver of growth, increased slower than previously estimated as spending on goods declined. Inflation remained elevated above a 3% annual rate, driven partly by higher energy and food costs. Core inflation rose to 3.6%. Services spending growth remained solid at 3.9%, the strongest since mid-2021. The outlook remains uncertain as inflation exceeds the Fed's 2% target, potentially delaying planned rate cuts.
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