U.S. GDP growth slows to 1.1% in Q1.
TL;DR Summary
US GDP grew at a slower-than-expected pace of 1.1% in Q1 2023, due to a decline in private inventory investment and a deceleration in nonresidential fixed investment. The personal consumption expenditures price index increased 4.2%, ahead of the 3.7% estimate. The Federal Reserve is seeking to slow an economy burdened by inflation that had been running at its highest level in more than 40 years. Policymakers all say inflation is still too high and will require elevated interest rates. Consumers, though, have remained resilient and are expected to use excess savings and purchasing power to make the economic contraction short and shallow.
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