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US Economic Growth Slows to 1.1% While Inflation Accelerates
US economic growth slowed in the first quarter by more than expected as tepid business investment and a pullback in inventories tempered a pickup in consumer spending. Gross domestic product rose at a 1.1% annualized rate on the back of the strongest consumer spending in nearly two years, the Commerce Department’s initial estimate showed Thursday. The Federal Reserve’s preferred underlying inflation metric accelerated to a one-year high. The 3.7% increase in consumer spending reflected gains in both goods and services, including a surge in purchases of motor vehicles. Business investment in equipment posted the ... (full story)
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- Posted: Apr 27, 2023 11:07am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,651
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