Data on US GDP are known. Bloomberg says:
The US economy grew at a slower pace than initially expected in the first quarter, mainly due to falling spending on consumer goods.
Gross domestic product grew 1.3% annually in the first three months of the year, less than a previous estimate of 1.6%, Bureau of Economic Analysis figures released on Thursday showed. The economy's main growth driver - personal spending - increased 2.0%, compared to the previous estimate of 2.5%.
These numbers suggest a loss of momentum in early 2024 after continued upside surprises in 2023. High interest rates, reduced pandemic savings and lower earnings growth are among the factors. major factors weighing heavily on American households and businesses.
Consumer spending fell as spending on goods - especially autos - fell much more modestly. Federal government spending slowed, while imports increased compared to first estimates.