U.S. GDP growth slowed to a 1.3 percent annual rate in the first quarter, down from 3.4 percent in the previous quarter. Consumer spending declined, but the economy remains fundamentally sound with resilient consumer spending supported by rising incomes and a strong job market.
The revised data shows a decrease in consumer spending growth to 2 percent from the earlier estimate of 2.5 percent in the last quarter of 2023. Business investment was slightly revised up, reflecting confidence in the economy.
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