US Economy Hits Brakes: Sluggish Growth in Q1

  • U.S. GDP growth sputtered to a 1.6% annual rate in the first quarter of 2024.
  • This marks the slowest expansion since Q2 2023 and falls short of analyst predictions near 2.4%.
  • Rising interest rates, a tool used to combat inflation, are seen as a key factor behind the slowdown.
  • Business investment and consumer spending, both interest-rate sensitive areas, showed signs of cooling.
  • The Federal Reserve will be closely monitoring economic data as it decides on future interest rate adjustments.

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