Economic Growth in Q1 Was Milder Than Reported

“Economic growth slowed more sharply early this year than initially estimated, as consumers eased up on spending amid rising prices and high interest rates,” the New York Times reports.

“U.S. gross domestic product, adjusted for inflation, grew at a 1.3 percent annual rate in the first three months of the year, the Commerce Department said on Thursday. That was down from 3.4 percent in the final quarter of 2023 and below the 1.6 percent growth rate reported last month in the government’s preliminary first-quarter estimate.”