Economic Perspective | June 2024 Chartbook

The U.S. economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022. The first quarter’s GDP growth marked a sharp pullback from a strong 3.4% pace during the final three months of 2023. Still, the report showed that the January-March slowdown was caused mainly by two factors – a surge in imports and a drop in business inventories – that can bounce around from quarter to quarter and don’t necessarily reflect the underlying health of the economy.

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