US Growth Slower Than Estimated In First Quarter: Govt

The US economy grew less than initially estimated in the first quarter of this year as consumer spending cooled, the government reported Thursday

Washington, (UrduPoint / Pakistan Point News - 30th May, 2024) The US economy grew less than initially estimated in the first quarter of this year as consumer spending cooled, the government reported Thursday.

The world's biggest economy expanded at an annual rate of 1.3 percent in the January to March period, the Commerce Department said, below the 1.6 percent figure published last month. This revision was in line with analysts' expectations.

Both growth numbers mark a significant deceleration from the 3.4 percent expansion seen in the final quarter of 2023.

While President Joe Biden and officials maintain that the US economy remains robust, he is struggling to convince voters of his performance on the economic front ahead of November's presidential election.

"The update primarily reflected a downward revision to consumer spending," the Commerce Department said of Thursday's revision.

But business investment expanded at a stronger pace while residential investment accelerated more than estimated, added Rubeela Farooqi, chief US economist of High Frequency Economics, in a note.