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.
Max Scherzer gives up 3 runs in rehab start, his 1st game action since offseason back injury
Is journalist Vicky Xu preparing to return to China? — Radio Free Asia
Teresa Giudice, 51, of RHONJ poses with her mini
A top Russian military official reportedly linked to Ukraine's Mariupol arrested for bribe
The human foods that could be making your dog fat, revealed
Celine Dion reveals the reason she NEVER borrows clothes from top designers like other celebs
Former school cop Elias Huizar 'shoots dead' teacher ex
Lana Del Rey Coachella performance lands organizers $28K FINE
Former Labour minister Frank Field dies from cancer aged 81: Tributes pour in for 'formidable' ex
Get better sleep with these 5 tips from experts
Mbappe nets twice in win over Lorient but PSG's title party delayed by Monaco victory
Passenger breaks his leg 30 minutes into a seven