The 鲍厂听别肠辞苍辞尘测聽grew less than anticipated in the first three months of 2024, according to government data released Thursday, as consumer spending and exports decelerated.
The world鈥檚 biggest聽economy聽grew 1.6 per cent in the first quarter, the Commerce Department said, markedly lower than analysts鈥� expectations of 2.4 per cent.
This was also a cooldown from the 3.4 per cent increase seen in the final three months of last year.
While the latest figure still shows expansion, economic pressures could weigh on President Joe Biden as he seeks reelection in November.
The slowing 鈥榩rimarily reflected decelerations in consumer spending, exports, and state and local government spending,鈥� said the Commerce Department.
There was also a 鈥榙ownturn in federal government spending,鈥� the report said.
For now, consumers remain willing to spend 鈥榚ven if they are being more scrutinous in the face of high prices,鈥� said EY chief economist Gregory Daco.
鈥楲ooking ahead, we see the聽economy聽gently cooling as slower labour demand, easing wage growth, stubborn inflation, and tight credit conditions constrain private sector activity,鈥� he added.