In the first quarter of 2024, the U.S. economy experienced a slowdown, with economic growth falling more than expected, according to a government report. The bureau of Economic Analysis revealed that gross domestic product increased at a rate of 1.6% on an annualized basis during the first three months of the year, which was a decline from the 3.4% growth seen in the fourth quarter of 2023. Economists surveyed by FactSet had predicted a growth rate of 2.2% for the last quarter, but this was lower than their revised estimate after seeing the data for the previous three months.
Economists and policymakers are concerned about this unexpected slowdown in economic growth in the first quarter of 2024 as they analyze the factors contributing to this decline. Kate Gibson, a reporter for CBS MoneyWatch in New York, is providing updates on this developing story.
The figures released by the bureau of Economic Analysis provide valuable insights into the state of the U.S. economy and will shape future economic policies and decision-making processes. As experts continue to study and interpret the data, they are working to understand the implications for the broader economy.
Stay tuned for more updates on this evolving story as we wait to see how this slowdown will impact our nation’s economic future.