Photo: A woman checks items from the refrigerated section while grocery shopping at a supermarket in Alhambra, Calif., on July 13, 2022. (FREDERIC J. BROWN/AFP via Getty Images)
U.S. GDP increased at a 1.6% rate in the first quarter, less than the market expected.
From the U.S. Bureau of Economic Analysis:
Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The “second” estimate for the first quarter, based on more complete source data, will be released on May 30, 2024.
The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment.
