The economy expanded at a 1.6% seasonally adjusted annual rate in the first quarter of this year, showing some underlying momentum despite high interest rates from the Federal Reserve.
The new figures, which are adjusted for inflation, were published Thursday by the Bureau of Economic Analysis in its report for gross domestic product. Economists had expected GDP growth to increase by 2.5%, so the reading is worse than anticipated.
Thursday’s report is the first of three estiamtes that will be made over the coming months as analysts get a better picture of how the economy performed during the third quarter.
The new first quarter numbers mark a slowdown from the preceding quarter. GDP growth in the fourth quarter came in at a 3.4% seasonally adjusted annual rate, showing the economy ended 2023 on stronger footing than previously realized.
Additionally, the economy expanded
Read more…
