Consumers Curb US Economic Growth in First Quarter, Inflation Cools

May 31, 2024, 12.15 AM | Reporter: Syamsul Ashar

ILUSTRASI. The busy atmosphere of Saturday afternoon in the Times Square area and the relatively quiet atmosphere of the Woodbury New York factory outlet center, Saturday afternoon, June 21 2019, perhaps this could be used for tomorrow's daily photo news. In essence, growth is starting to slow down, although it is still maintained due to the fiscal stimulus. Inflation also decreased, which is thought to be the impact of declining consumption and weakening people's purchasing power. The war with China, which also extends to Mexico, India, Europe also seems to have brought losses to the US economy.foto/KONTAN/Ardian Taufik Gesuri

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.

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Editor: Syamsul Azhar