US growth likely slowed last quarter but still pointed to a solid economy
Time:2024-05-21 15:01:56 Source:styleViews(143)
WASHINGTON (AP) — Coming off a robust end to 2023, the U.S. economy is thought to have extended its surprisingly healthy streak at the start of this year, with consumers still spending freely despite the pressure of high interest rates.
The Commerce Department is expected to report Thursday that the gross domestic product — the economy’s total output of goods and services — grew at a slow but still-decent 2.2% annual pace from January through March, according to a survey of forecasters by the data firm FactSet.
Some economists envision a stronger expansion than that. A forecasting model issued by the Federal Reserve Bank of Atlanta points to a first-quarter annual pace of 2.7%, propelled by a 3.3% increase in consumer spending, the principal driver of economic growth.
Either way, the economy’s growth is widely expected to have decelerated from the vigorous 3.4% annual pace of October through December. The slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and many business loans that have resulted from the 11 interest rate hikes the Federal Reserve imposed in its drive to tame inflation.
Previous:Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
Next:The fightback begins: Boss of London's Queen Mary University tells pro
You may also like
- Children are evacuated from school 'during an exam' after threat made via email
- Lowry, Connor propel Jets to 7
- Venezuela's president meets with accuser in ongoing criminal probe into human rights abuse
- Report urges fixes to online child exploitation CyberTipline before AI makes it worse
- Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
- Biden will send Ukraine air defense weapons, artillery once Senate approves, Zelenskyy says
- Masters champion Scottie Scheffler builds 5
- Without cameras to go live, the Trump trial is proving the potency of live blogs as news tools
- The Latest