California's economy saw its slowest growth in five quarters, expanding at a 1.2% annual rate in early 2024, down from 3.1% in Q4 2023, ranking 29th among all states.
The Federal Reserve's efforts to cool down the overheated economy with high interest rates have seemingly chilled business output, highlighting a national trend of slowing growth with a median decline of 2.2 percentage points across states.
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