According to the Commerce Department, Q1 2023 U.S. real GDP expanded at an annualized rate of 1.1%. However, the headline figure masks diverging trends; private consumption growth surged to 3.7% (annualized), up from just 1% in Q4 2022, but this was largely offset by a steep decline in private inventory investment. U.S. economic data were mixed throughout the first quarter, suggesting that the U.S. economy is at a turning point and heading into a slowdown.

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