## US GDP Unexpectedly Contracts in Q1 2024 The U.S. economy experienced an unexpected contraction in the first quarter of 2024, with Gross Domestic Product (GDP) shrinking at an annualized rate of 0.3%, according to the Department of Commerce. This "advance" estimate falls short of the expected 0.2% growth and marks the first decline in GDP since Q1 2022. Several factors may have contributed to this downturn, including potentially lower consumer spending and business investment, pending more detailed data in subsequent revisions. While the full impact remains to be seen, this contraction raises concerns about the strength of the US economic outlook for the remainder of the year. Further releases, including preliminary and final estimates, will provide a clearer picture of the underlying factors driving this contraction. ```