US GDP Growth Revised Lower, Consumers Maintain Spending Momentum
Thursday, 30 May 2024, 12:42
US Economic Growth Revision
The US economy faced a downgrade in its growth rate for the last quarter, dropping from the initial 1.6% to 1.3%. The revised figures from the Commerce Department suggest a moderation in the pace of economic expansion.
Consumer Spending Patterns
Consumer spending saw an uptick; however, the increase was not as robust as earlier anticipated. This slower growth in spending contributed to the overall downward revision in GDP.
Despite the GDP slowdown, consumer spending remains a key factor in sustaining economic activity.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.