US Economy Grows 1.6% In Q1, Sharply Below Expectations As Price Pressures Weigh On Spending
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The U.S. economy grew at a slower pace in Q1 2024, with an annualized growth rate of 1.6%, compared to 3.4% in Q4 2023 and below the forecasted 2.5% growth. The Core Personal Consumption Expenditure (PCE) price index slowed from 3.4% to 3.7%, beating expectations. Headline PCE price rose from 1.8% to 3.4%. Real consumer spending growth slowed from 3.5% to 2.5%, below the expected 2.8%. The U.S. dollar index inched higher by 0.1% after the GDP print. Treasury yields rose by approximately 3 basis points, with the 2-year yield rising to 4.95%. Gold went up 0.5%. Futures on major U.S. indices were in the red, driven by a drop in tech giant Meta Platforms Inc. following weak revenue guidance. Treasury yields reached a 5-month high, lifting mortgage rates.
#UsEconomy #Gdp #PricePressures #Spending #Inflation #TreasuryYields #Gold #TechStocks
https://markets.businessinsider.com/news/etf/us-economy-grows-1-6-in-q1-slightly-below-expectations-as-price-pressures-weigh-on-spending-1033287831
Markets Insider /
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2024-04-25 16:24:15
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2024-04-25 16:24:15Event JSON
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"content": "US Economy Grows 1.6% In Q1, Sharply Below Expectations As Price Pressures Weigh On Spending\n==========\n\nThe U.S. economy grew at a slower pace in Q1 2024, with an annualized growth rate of 1.6%, compared to 3.4% in Q4 2023 and below the forecasted 2.5% growth. The Core Personal Consumption Expenditure (PCE) price index slowed from 3.4% to 3.7%, beating expectations. Headline PCE price rose from 1.8% to 3.4%. Real consumer spending growth slowed from 3.5% to 2.5%, below the expected 2.8%. The U.S. dollar index inched higher by 0.1% after the GDP print. Treasury yields rose by approximately 3 basis points, with the 2-year yield rising to 4.95%. Gold went up 0.5%. Futures on major U.S. indices were in the red, driven by a drop in tech giant Meta Platforms Inc. following weak revenue guidance. Treasury yields reached a 5-month high, lifting mortgage rates.\n\n#UsEconomy #Gdp #PricePressures #Spending #Inflation #TreasuryYields #Gold #TechStocks\n\nhttps://markets.businessinsider.com/news/etf/us-economy-grows-1-6-in-q1-slightly-below-expectations-as-price-pressures-weigh-on-spending-1033287831",
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