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US first-quarter GDP growth revised lower to 1.6% pace
Consumer spending was revised down to 1.4% as business inventories fell more than first reported, signaling pressure on households and growth.
- The Commerce Department's Bureau of Economic Analysis revised first-quarter GDP growth down to 1.6%, falling short of expectations from Reuters-surveyed economists who anticipated no change.
- Consumer spending, accounting for over two-thirds of the economy, was revised down to 1.4%, with the Bureau of Economic Analysis noting artificial intelligence-related expenditures remain the primary growth driver.
- Business spending increased to 17.2%, while The Conference Board reported consumer confidence dropped; a Gallup poll showed Americans' economic confidence hit a four year low.
- Economists surveyed by Bloomberg expect inflation to reach 3.9% in the second quarter; the Fed will likely delay interest rate cuts as war involving Iran and Israel keeps the Strait of Hormuz closed.
- Only 23 percent of Americans feel their income keeps pace with inflation, with 77 percent reporting they are not keeping up—a sentiment lingering since the Biden presidency's low point in June 2022.
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The U.S. economy grew at an annualized rate of 1.6 percent in the first quarter of this year, according to a revised report released by the U.S. Commerce Department on Thursday. Growth was slower than the department had initially forecast in late April, when it had forecast a 2 percent increase in gross domestic product (GDP).
Coverage Details
Total News Sources43
Leaning Left2Leaning Right11Center9Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
C 41%
R 50%
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