This will continue to be the malaise we wallow in until we remove this corrupt, senile, incompetent, divisive serial liar from office.
Consumer spending rose but at a slower pace than previously thought, a sign that high interest rates and lingering inflation are pressuring household budgets.
The Commerce Department had previously estimated that the nation’s gross domestic product — the total output of goods and services — expanded at a 1.6% rate last quarter.
Spending on goods such as appliances and furniture fell at a 1.9% annual pace, the biggest such quarterly drop since 2021.
Consumer prices rose at a 3.3% annual pace, up from 1.8% in the fourth quarter of 2023 and the most in a year.
Excluding volatile food and energy costs, so-called core inflation rose at a 3.6% clip, up from 2% in each of the previous two quarters.
nypost.com
Economy grew just 1.3% last quarter, consumer spending was weaker than expected
The US economy grew at a sluggish 1.3% annual pace from January through March, the weakest quarterly rate since the spring of 2022, the government said Thursday in a downgrade from its previous estimate.Consumer spending rose but at a slower pace than previously thought, a sign that high interest rates and lingering inflation are pressuring household budgets.
The Commerce Department had previously estimated that the nation’s gross domestic product — the total output of goods and services — expanded at a 1.6% rate last quarter.
Spending on goods such as appliances and furniture fell at a 1.9% annual pace, the biggest such quarterly drop since 2021.
Consumer prices rose at a 3.3% annual pace, up from 1.8% in the fourth quarter of 2023 and the most in a year.
Excluding volatile food and energy costs, so-called core inflation rose at a 3.6% clip, up from 2% in each of the previous two quarters.
Economy grew just 1.3% last quarter, consumer spending was weaker than expected
The first quarter’s GDP growth marked a sharp slowdown from the vigorous 3.4% rate in the final three months of 2023.
nypost.com