Consumers Curb US Economic Growth in First Quarter, Inflation Cools

GLOBAL ECONOMY - JAKARTA - The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates at least once before the end of the year.

Gross domestic product - the broadest measure of economic activity - grew at a 1.3% annualized rate from January through March, the Commerce Department reported on Thursday, down from the advance estimate of 1.6% and notably slower than the 3.4% pace in the final three months of 2023.