In the first quarter of 2024, the U.S. economy experienced a slowdown, with economic growth falling more than expected, according to a report from the government. The figures from 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. This 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, which is lower than the revised 3.4% growth in the previous three months. This unexpected slowdown in economic growth is a concern for economists and policymakers as they analyze the factors contributing to this decline.
Kate Gibson, a reporter for CBS MoneyWatch in New York, provides updates on this developing story and highlights fluctuations in the U.S. economy. The figures released by the bureau of Economic Analysis provide valuable insights into the state of