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:
Related suggestion:
Cruz Beckham's VERY sweet tribute to mum Victoria at her starNicola Peltz breaks her social media silence after missing out on motherEuropean Space Agency adds 5 new astronauts in only fourth class since 1978. Over 20,000 appliedConstruction to begin on highJokic, GilgeousSouth Africa's ANC loses another court case against rival party led by former president ZumaGreek and Turkish delegations meet in Athens as part of efforts to improve often strained tiesNets hire Jordi Fernandez as coach. Fernandez was Kings' associate head coach for two yearsAlcaraz and Nadal continue recovery from injuries at Madrid Open while Djokovic skips tournamentVictoria Beckham and her mini
2.5849s , 6500.21875 kb
Copyright © 2024 Powered by US growth likely slowed last quarter but still pointed to a solid economy ,Culture Circle news portal