Financial News: U.S. GDP Climbs Much Less Than Expected In

U.S. GDP Climbs Much Less Than Expected In Q1

04/25/2024 - 08:40:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed the U.S. economy grew by much less than expected in the first quarter of 2024.

The Commerce Department said gross domestic product increased by 1.6 percent in the first quarter after surging by 3.4 percent in the fourth quarter of 2023. Economists had expected GDP to jump by 2.5 percent.

The notable slowdown in GDP growth primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending.

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