Key Takeaways The U.S. GDP grew at an annual rate of 1.6% in the fourth quarter, undershooting the median forecast for 2.2% growth.High interest rates, meant to fight inflation, are dragging down economic growth.
US stocks were lower Thursday afternoon after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected.
The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday.
The advance estimate of U.S. first quarter real gross domestic product (GDP) grew at an annual rate of 1.6%, and the fourth quarter GDP was revised up to 3.4%
U.S. economic growth dipped below 2 percent during the first quarter for the first time in more than a year and a half, according to a government reading released Thursday. Gross domestic product