WASHINGTON (AP) — Coming off a robust end to 2023, the U.S. economy is thought to have extended its surprisingly healthy streak at the start of this year, with consumers still spending freely despite the pressure of high interest rates.
The Commerce Department is expected to report Thursday that the gross domestic product — the economy’s total output of goods and services — grew at a slow but still-decent 2.2% annual pace from January through March, according to a survey of forecasters by the data firm FactSet.
Some economists envision a stronger expansion than that. A forecasting model issued by the Federal Reserve Bank of Atlanta points to a first-quarter annual pace of 2.7%, propelled by a 3.3% increase in consumer spending, the principal driver of economic growth.
Either way, the economy’s growth is widely expected to have decelerated from the vigorous 3.4% annual pace of October through December. The slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and many business loans that have resulted from the 11 interest rate hikes the Federal Reserve imposed in its drive to tame inflation.
Is Roblox safe for kids? Father
Kim Kardashian is surprised by Jimmy Kimmel Live's Guillermo as he models her SKIMS shapewear
Ukraine, Israel aid package heads to Senate for final approval
Meg Bennett dead at 75 following cancer battle: Emmy
Twins' Castro hits birthday homer, lifts Minnesota to 6
He's a former Disney Channel actor who starred in famous films before serving four years in prison
Royals' Alec Marsh hit on throwing arm by line drive, leaves in 5th against Blue Jays
Milwaukee man charged in dismemberment death pleads not guilty