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Financial News: U.S. GDP Climbs Less Than Previously Estimated In

U.S. GDP Climbs Less Than Previously Estimated In Q1

05/30/2024 - 08:37:00 (RTTNews)

(RTTNews) - Revised data released by the Commerce Department on Thursday showed U.S. economic growth slowed by more than previously estimated in the first quarter of 2024.

The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously reported 1.6 percent jump.

The downwardly revised increase, which was in line with economists, compares to the 3.4 percent surge in GDP in the fourth quarter of 2023.

The slower than previously estimates growth reflected downward revisions to consumer spending, private inventory investment and federal government spending.

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