UNITED STATES NEWS

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate

May 25, 2023, 5:36 AM

WASHINGTON (AP) — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday, a slight upgrade from its initial estimate.

The government had previously estimated that the economy grew at a 1.1% annual rate last quarter.

The Commerce Department’s revised measure of growth in the nation’s gross domestic product — the economy’s total output of goods and services — marked a deceleration from the second half of 2022.

Despite the first-quarter slowdown, consumer spending, which accounts for around 70% of America’s economic output, rose at a healthy pace.

The steady weakening of economic growth is a consequence of the Federal Reserve’s aggressive drive to tame inflation, with auto loans, credit card borrowing and business loans.

With sales of existing homes were 23% below their level a year earlier.

United States News

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US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate