WASHINGTON (AP) — Coming off a robust end to 2023, the U.S. economy is thought to have extended its surprisingly healthy streak at the start of this year, with consumers still spending freely despite the pressure of high interest rates.
The Commerce Department is expected to report Thursday that the gross domestic product — the economy’s total output of goods and services — grew at a slow but still-decent 2.2% annual pace from January through March, according to a survey of forecasters by the data firm FactSet.
Some economists envision a stronger expansion than that. A forecasting model issued by the Federal Reserve Bank of Atlanta points to a first-quarter annual pace of 2.7%, propelled by a 3.3% increase in consumer spending, the principal driver of economic growth.
Either way, the economy’s growth is widely expected to have decelerated from the vigorous 3.4% annual pace of October through December. The slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and many business loans that have resulted from the 11 interest rate hikes the Federal Reserve imposed in its drive to tame inflation.
Related articles:
Related suggestion:
Concerns raised over Japan fund for UkraineXi Encourages Chinese Medical Personnel in Africa to Deliver Benefits to LocalsAuto experts decry threat of US curbsThe world in photos: Feb 26 – March 3China’s first zeroXi Jinping Unanimously Elected Chinese President, PRC CMC ChairmanXi Stresses Enhancing Integrated National Strategies, Strategic CapabilitiesChina's National Legislators Start to Elect Chinese President, Other State LeadersXi Extends Condolences to Greek President over Deadly Train CollisionChina's first new energy vehicle battery base in Northeast was established in Changchun
3.8253s , 6497.734375 kb
Copyright © 2024 Powered by US growth likely slowed last quarter but still pointed to a solid economy ,World Wonders news portal