Reported 9 months ago
Economic data indicates a slowdown in US growth due to the Federal Reserve's high borrowing costs and inflation. With a marked decline in personal spending, orders and shipments of business equipment, a widening trade deficit, weak job market, and decreased homebuying, the economy is operating at a lower capacity in the first half of 2024. The Atlanta Fed now forecasts second-quarter growth at 2.7%, reflecting a cooling trend following above-trend growth in 2023. The report also highlights how high borrowing costs are affecting demand while moderating economic activity hopes to dampen inflation. Additionally, reports on mortgage rates impacting the housing market and financial strains on personal income growth suggest a slowdown in future months.
Source: YAHOO