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GDP growth slowed to a 1.6% rate in the first quarter, well below expectations
PUBLISHED THU, APR 25 20248:31 AM EDTUPDATED 3 HOURS AGO
Jeff Cox@JEFF.COX.7528@JEFFCOXCNBCCOM
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KEY POINTS
- Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace, below the 2.4% estimate.
- The personal consumption expenditures price index, a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a year.
- Consumer spending increased 2.5% in the period, down from a 3.3% gain in the fourth quarter and below the 3% Wall Street estimate.
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