_us-economic-growth-revised-down-to-1-3-in-q1-consumer-spending-slows.jpg "US Economic Growth Revised Down to 1.3% in Q1, Consumer Spending Slows from colby spend a little Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 0:44
👁 View: 24.6M times
✓ Published: 01-Jun-2024
👁 View: 24.6M 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.
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.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
![[+]](/images/menu.gif){kind=small}