Reported 4 months ago
The US economy's growth rate for the first quarter was adjusted down from 1.6% to 1.3%, revealing a sluggish expansion. Despite this, consumer spending remained steady, indicating pressure from high interest rates and inflation on household budgets. The update also noted that imports and reduced business inventories were key factors contributing to the lower growth rate, while consumer spending on goods decreased, but spending on services increased notably. Inflation saw a slight downward revision, with consumer prices rising at a 3.3% annual pace, reflecting ongoing concerns about the economy's trajectory amid rising costs and potential impacts on consumer behavior.
Source: YAHOO