The United States Gross Domestic Product (GDP) growth rate has slowed to 1.3% in the first quarter of 2024, according to the latest data update on May 30, 2024. This marks a decrease from the 1.6% growth rate previously recorded in the same period.
The 1.3% GDP growth reflects a quarter-over-quarter comparison, indicating that the economy saw reduced momentum compared to the previous quarter's performance. The prior quarter itself had been a change from its preceding period, maintaining a now-tempered growth trajectory.
Factors contributing to this slowdown have yet to be fully analyzed, but preliminary insights suggest that possible causes could include tighter monetary policies, shifts in consumer spending, and unexpected global economic pressures. Analysts will be closely monitoring economic indicators in the coming quarters to assess the potential long-term impacts on the U.S. economy.
