2023-04-27 22:20:32
French.china.org.cn | Updated on 28-04-2023
US growth fell significantly in the first quarter of the year, being hit hard by rising interest rates and the country’s worst inflation in decades.
The country’s gross domestic product (GDP), which measures all goods and services produced, rose 1.1% at an annualized rate in the first three months of the year, according to data released by the department on Thursday. Trade.
This number is considerably lower than the 2.6% growth posted in the fourth quarter of 2022. It is also less than the 2% growth rate predicted by economists polled by Dow Jones.
“The U.S. economy is likely coming to an inflection point as consumer spending has slowed in recent months,” said Jeffrey Roach, chief economist at LPL Financial, as quoted by NBC News.
“The retrograde nature of the GDP numbers may be misleading for markets, as we know consumers were still spending in January, but have cut spending since March as they become more pessimistic regarding the future,” Mr. Roach said.
Thursday’s release was a “preliminary” estimate from the Commerce Department.
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