US Q1 GDP Growth Revised Down Due to Weak Consumer Spending
TL;DR Summary
The Bureau of Economic Analysis revised the Q1 2024 GDP growth down to 1.3% from an initial 1.6%, primarily due to a larger-than-expected decrease in consumer spending. This marks the slowest quarterly growth in nearly two years, influenced by higher interest rates and reduced spending on durable goods. Despite a rebound in consumer confidence in May, inflation driven by shelter costs remains a concern. The National Association of Home Builders emphasizes the need for more affordable housing to address rising shelter inflation.
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