SSPY - U.S. Economic Growth Plunges In First Quarter 2024
2024-04-27 06:10:00 ET
Summary
- The release of 1st quarter 2024 Gross Domestic Product on April 25th surprised virtually all forecasters.
- The first three months of 2024 were characterized by a notable deceleration in US economic growth, marking an almost two-year low.
- Business inventories weighed on growth for a second consecutive quarter, and private capital expenditure remained weak.
By Peter C. Earle
The release of 1st quarter 2024 Gross Domestic Product (GDP) on April 25th surprised virtually all forecasters. The first three months of 2024 were characterized by a notable deceleration in US economic growth, marking an almost two-year low. The same data release revealed that inflation, as measured by US GDP Personal Consumption Core Price Index (quarter-over-quarter), accelerated 3.7 percent, ahead of an expected 3.4 percent, disrupting a brief period characterized by robust demand and subdued price pressures. Those conditions previously fostered optimism for a so-called soft landing....
U.S. Economic Growth Plunges In First Quarter 2024