The numbers highlight a loss of momentum at the start of 2024 after consistent gains in 2023.
The US economy grew at a slower pace in the first quarter than initially reported, primarily reflecting softer consumer spending on goods.
The downward revision to consumer spending was partially offset by stronger business and residential investment. A key measure of underlying domestic demand known as final sales to private domestic purchasers rose 2.8%, versus the initially reported 3.1% increase. ADVERTISEMENT CONTINUE READING BELOW Economists have pointed to the strength in this metric as reason to believe that demand is still strong, even if the headline GDP figure looks weak by comparison.
On the inflation front, the Federal Reserve’s preferred metric — the personal consumption expenditures price index — rose at a 3.3% annualized rate in the first quarter, slightly down from the initial projection. Excluding food and energy, the core PCE gauge rose 3.6%, versus 3.7% in the previous estimate.
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