US growth likely slowed last quarter but still pointed to a solid economy
WASHINGTON (AP) — Coming off a robust end to 2023, the U.S. economy is thought to have extended its surprisingly healthy streak at the start of this year, with consumers still spending freely despite the pressure of high interest rates.
The Commerce Department is expected to report Thursday that the gross domestic product — the economy’s total output of goods and services — grew at a slow but still-decent 2.2% annual pace from January through March, according to a survey of forecasters by the data firm FactSet.
Some economists envision a stronger expansion than that. A forecasting model issued by the Federal Reserve Bank of Atlanta points to a first-quarter annual pace of 2.7%, propelled by a 3.3% increase in consumer spending, the principal driver of economic growth.
Either way, the economy’s growth is widely expected to have decelerated from the vigorous 3.4% annual pace of October through December. The slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and many business loans that have resulted from the 11 interest rate hikes the Federal Reserve imposed in its drive to tame inflation.
Related articles
The family of imprisoned Belarusian opposition figure hasn't heard from her for over 400 days
TALLINN, Estonia (AP) — It’s been 434 days since the family of imprisoned Belarusian opposition figu2024-04-25Ceremony of resumption of diplomatic relations between China and Nauru about to begin
(ECNS) -- The ceremony of the resumption of diplomatic relations between China and Nauru is about to2024-04-25Huge ancient stone murals discovered in central China
Photo taken on Sept. 21, 2022 shows auspicious patterns of traditional Chinese culture on a stone mu2024-04-25- A visitor views an exhibit during a joint exhibition of tri-colored glazed potteries in Zhengzhou, c2024-04-25
Closing prices for crude oil, gold and other commodities
Benchmark U.S. crude oil for June delivery fell 55 cents to $82.81 per barrel Wednesday. Brent crude2024-04-25China may overtake Japan in patent filings at EPO
China is likely to overtake Japan and become the third-largest patents filer at the European Patent2024-04-25
atest comment