First Quarter Only Slightly Higher Than Initially Reported

The U.S. economy grew more slowly than previously thought during the first quarter, per the Bureau of Economic Analysis, as their final reading of Gross Domestic Product (GDP) for that period showed 1.4% growth. While this was above the 1.3% pace in the second estimate, it is ultimately lower than the 1.6% pace in the first estimate. This is well below the 3.4% growth seen in the fourth quarter of last year.

What’s the bottom line? GDP functions as a scorecard for the country’s economic health, so signs of a slowdown are a concern. The deceleration in GDP in the first quarter of 2024 can be attributed to declines in consumer spending, exports, and state and local government spending