The US economy's first-quarter GDP growth rate unexpectedly dropped to 1.6%, significantly lower than the previous quarter's 3.4% and missing economists' estimates. Inflation surged, with the PCE price index rising to 3.4%. The slowdown led to a sell-off in stocks, including Meta Platforms.
US GDP expanded at an annual rate of 1.4% in the first quarter of 2024, slower than expected and much lower than the 3.4% growth seen in the fourth quarter of 2023. https://t.co/kb2rqdrbaU
WATCH: US stocks closed higher, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data https://t.co/93lprqxD36 https://t.co/D9Qbo0FWvz
WATCH: Despite a stubbornly high inflation, the figures showed a healthy 2.5% year-on-year rise in US consumer spending in the last quarter. Here's a look at the stories shaping global markets https://t.co/CjKXp5ajo5
WATCH: Wall Street’s main indexes closed higher, buoyed by a rally in megacap growth stocks and inflation data that showed only a moderate uptick in US prices https://t.co/93lprqxD36 https://t.co/PkWkOGZo2Q
WATCH: US monthly inflation rose moderately in March according to the report from the Commerce Department which also showed that strong consumer spending last month https://t.co/vCA8NZkqB9 https://t.co/4D2BjSMqgT
I'll share my below-the-hood analysis of the GDP numbers here. Headline real GDP growth for the U.S. came in at +1.6% (annualized q/q) in 1Q24, lower than expected. That's the lower quarterly growth rate since 2Q22. https://t.co/BP6wzThsmt
The US economy grew much slower than expected in Q1 at +1.6% vs forecasts of +2.4% and slower than the +3.4% reported in Q4 2023. https://t.co/vun5hNfoOu
WATCH: Wall Street stocks closed lower as markets were stunned by data showing slower-than-expected US economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms https://t.co/ODK6IhbZix https://t.co/aZk1cZTFZP
Thanks, Biden. GDP growth slowed to a 1.6% rate in the first quarter, well below expectations. U.S. economic growth was much weaker than expected to start the year, and prices rose at a faster pace, the Commerce Department reported Thursday. https://t.co/XeMjm9bMyt
WATCH: The US GDP rose 1.6% in the first quarter, well below economists' estimates of 2.4%, at its slowest pace in nearly two years https://t.co/zK55mp4BtK https://t.co/QHuEGZBVOj
The US GDP rose 1.6% in the first quarter, well below economists' estimates of 2.4%, at its slowest pace in nearly two years https://t.co/PBHnIrM5wL https://t.co/KqQD373bT5
Wall Street stocks closed lower as markets were stunned by data showing slower-than-expected US economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms https://t.co/5LkQgIhikC https://t.co/9HG1mJBnHp
WATCH: US stocks closed lower as US economic growth came in softer than forecast, growing at its slowest pace in nearly two years and inflation remained persistent https://t.co/ODK6IhbrsZ https://t.co/fKc1vu88HT
🚨🇺🇸U.S. GROWTH SLOWEST IN 2 YEARS | INFLATION RISES Q1 2024 sees U.S. GDP growth slow to 1.6%, a sharp drop from Q4 2023's 3.4%. Inflation accelerates, complicating the Fed's rate strategy. Despite the slowdown, the Fed's 2024 growth forecast is revised to 2.1%, signaling… https://t.co/ZylpS9LppY
Dow closes lower by more than 370 points on weak GDP data, Meta slides @CNBC https://t.co/gWoeN1gtkw
The US economy grew at its slowest pace in nearly two years in Q1, while an acceleration in inflation reinforced expectations that the Federal Reserve would not cut interest rates before September. Here's a look at the stories shaping global markets https://t.co/zK55mp59ji https://t.co/8NKkkUeCQ6
The US economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses https://t.co/PBHnIrMDmj https://t.co/r8poZAhX1h
WATCH: The US economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and a small build-up of unsold goods at businesses https://t.co/zK55mp59ji https://t.co/8wb6UD4eaK
The #US gross domestic product (GDP) growth rate slowed down to an annual rate of 1.6 percent in the first quarter of this year, the US Department of Commerce reported on Thursday. https://t.co/I9PYLHNw99
U.S. economy grew at slowest pace in nearly two years, as inflation topped Wall Street estimates Economy grew at annualized pace of 1.6% during period, missing 2.5% growth expected by economists surveyed by Bloomberg Reading came in significantly lower than fourth quarter GDP,… https://t.co/1i8w1nnCZs
Headline GDP just +1.6% in Q1, but underlying growth is strong. Highlights 🧵 - Consumption eased, but services expanded - Investment grew - Govt spending eased Big drag was from Inventories: -35 bps Net exports: -86 bps Total: -121 bps 🤦♂️ @CarsonResearch @RyanDetrick 1/ https://t.co/zXRdHojI4N
The United States announced that 2024 Q1 GDP will grow at an annual rate of 1.6%, significantly lower than expected. However, the PCE price index increased by 3.4% in the first quarter, far exceeding the 1.8% in the fourth quarter of 2023. Inflation is high and the Fed may not…
🇺🇸US Economy Disappoints for the Right Reasons 📉 Real #GDP only advanced 1.6% annualized in Q1 2024, following strong +3.4% in Q4 '23 But while the headline print missed expectations by a mile, most of the shortfall stemmed from stronger imports pulled in by solid final demand https://t.co/o6nwsIDCjv
US GDP Growth Slows Sharply to 1.6% in Q1 Vs 3.4% A Year Ago #USA #USGDP #GDP #GDPGrowth #WorldNews #GlobalNews https://t.co/ZSUnJWXuV9
Dow Drops 400 Points on Weak GDP Report, Inflation Concerns https://t.co/rTEBGKrF92
The Bureau of Economic Analysis reports Q1 US GDP unexpectedly collapsed to just 1.6%, down more than 50% from the Q4 print of 3.4% and the lowest print since Q2 2022. GDP fell below the lowest estimate... 1.7%...while Goldman Sachs at 3.1% missed by nearly 50%.