The U.S. economy grew 1.4% year-on-year from January to March, the slowest quarterly growth since the spring of 2022, the U.S. government announced on Thursday, with a slight increase from its previous estimates.
Consumer spending grew just 1.5%, down from the initial estimate of 2%, in a sign that high interest rates could negatively impact the economy.
Thursday's report showed that the slowdown from January to March was mainly due to two factors: increased imports and lower corporate stocks. But this rate could recover from quarter to quarter, and does not necessarily reflect the underlying state of the economy.
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