GDP trudged up at an annual rate of 1.4% in the first quarter of the year. (iStock)
U.S. gross domestic product (GDP) increased at an annual rate of 1.4% in the first quarter of 2024, data from the Bureau of Economic Analysis (BEA) found. This increase is a sign the economy is solid, but not growing at a substantial pace.
This is a slight slowdown from the previously estimated 1.6% GDP increase for the first quarter. Last year, in the fourth quarter of 2023, GDP increased by 3.4%. Compared to last year, economic growth is slowing. The slowdown is largely due to more cautious consumers.
“An array of retail, labor, and consumer data all point to an economy that’s slowing as households grip their pocketbooks a bit more tightly,” Jim Baird, Plante Moran Financial Advisors chief information officer, said in a statement. “That’s apparent in the most recent estimates of Q1 GDP…
