US Economic Growth Slows to 1.6 Percent in 1st Quarter, Lowest Since 2022

The U.S. economy showed signs of slowing in the first quarter as inflation pressures and higher borrowing costs weighed on the country to kick off 2024. According to the Bureau of Economic Analysis (BEA), the U.S. economy expanded by 1.6 percent in the first three months of the year, down from 3.4 percent in the fourth quarter. The reading fell short of the consensus estimate of 2.5 percent. The GDP is a broad measure of goods and services produced in the United States. The nation has not experienced two consecutive quarters of contracting GDP since the first half of 2022. Consumer spending eased to 2.5 percent in the first quarter. It contributed to nearly all of the growth in the last quarter....