US economic growth cooled more than expected to 1.6 percent in the first quarter, according to government data. Photo: SAUL LOEB / AFP/FileCelebrate Youth Month with Briefly News! Nominate a young entrepreneur under 35 with an inspiring story to be our 7th 'Young Money Maker'.
Biden has been working to improve perceptions surrounding his handling of the economy even as soaring inflation has eased since theOn Thursday, the slowing in growth"primarily reflected decelerations in consumer spending, exports, and state and local government spending," said the Commerce Department.
Consumers remain willing and able to spend"even if they are being more scrutinous in the face of high prices," said EY chief economist Gregory Daco. Rubeela Farooqi, chief US economist at High Frequency Economics, noted that the latest growth rate was the weakest since 2022.Labor market strength will probably prop up household spending and economic growth.