U.S. economic growth in 2024’s first quarter was more sluggish than previously estimated, new data from the Commerce Department shows.
The Bureau of Economic Analysis released its second estimate of 1Q24 U.S. GDP on May 30, which revised the previous figure of 1.6% issued April 25 down to 1.3%. The Bureau noted that the update primarily reflected a downward revision to consumer spending.
It marked a steep declaration in economic growth from 4Q23’s robust 3.4%, and the slowest growth rate since 2Q22.
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