The U.S. gross domestic product (GDP) growth rate slowed down to an annual rate of 1.6 percent in the first quarter of this year, the U.S. Department of Commerce reported on Thursday.
The latest data marks a sharp slowdown from the fourth quarter in 2023, when GDP grew by 3.4 percent, according to the Bureau of Economic Analysis.
Compared to the fourth quarter, the deceleration of real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment.
The newly released GDP estimate for the first quarter, in what was called an "advance" estimate, 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.
Nadal returns to Roland Garros to practice amid doubts over fitness and form
New Auckland surgical building cannot open due to lack of staff
Unused Auckland surgical centre could be treating more than 15,000 patients a year
Journalists offered 'radical' solution to save part of Newshub
'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
Biden says he expects Iran to attack Israel soon, warns: 'Don't'
Tens of thousands turn out for King Frederik's succession
What is happening with the NZ housing market this week?
What a blast to work at NASA. Space agency is sky
Firearms Minister accused of misleading public on gun stats
Cruise worker 'murders newborn son on board ship': Shocked co
Fire kills 29 people at Istanbul nightclub during daytime renovations