The growth rate of real consumer spending in the United States experienced a deceleration in the first quarter of 2024. According to updated data released on 30 May 2024, the rate has slowed to 2.0%, down from the previous quarter’s 2.5% growth rate.
This latest figure reflects a notable change in the spending behavior of U.S. consumers, possibly indicating economic caution amid uncertain market conditions. The drop from 2.5% to 2.0% growth highlights a tempering of the consumer enthusiasm that had characterized the previous fiscal period.
Economists are closely monitoring these figures, as the consumer spending growth rate is a critical indicator of economic health. A sustained slowdown could signal more significant economic adjustments to come in the latter half of the year.
