Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.<br />Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.<br />According to the Bureau of Economic Analysis' (BEA) second <br />estimate of the Q1 gross domestic product (GDP), the <br />economy grew at 1.3%, down from 1.6% reported in April.<br />The BEA said the updated numbers , "primarily reflected a downward <br />revision to consumer spending.".<br />Personal consumption in Q1 grew at just 2%, <br />down from the 2.5% previously reported. .<br />The weaker headline growth <br />statistic looks discouraging, but it <br />belies solid underlying momentum <br />as the economy’s core — private <br />domestic sales to domestic <br />purchasers — showed a healthy <br />expansion of 2.5% annualized, Oren Klachkin, Nationwide financial <br />markets economist, via Yahoo Finance.<br />Yahoo Finance reports that many <br />economists do not perceive the slowdown <br />as the beginning of a broader trend. .<br />Before the latest numbers were released, <br />Goldman Sachs had forecast 3.2% <br />annualized growth in Q2. .<br />At the same time, the Atlanta Fed's GDPNow <br />has projected Q2 annualized growth of 3.5%. .<br />Monthly data beyond <br />March generally point <br />to a continued, albeit gently <br />cooling, economic expansion, Oren Klachkin, Nationwide financial <br />markets economist, via Yahoo Finance.<br />We anticipate continued <br />GDP gains this year <br />and a healthy advance <br />in 2024 overall, Oren Klachkin, Nationwide financial <br />markets economist, via Yahoo Finance
