Washington CNN —The US economy cooled more than expected in the first quarter of the year, but remained healthy by historical standards.
Gross domestic product, which measures all the services and goods produced in the economy, measured an annualized rate of 1.6% in the first quarter, the Commerce Department reported Thursday.
It was the weakest pace of growth since the second quarter of 2022 when the economy contracted.
What this means for interest ratesInflation slowed considerably last year, but the pace of its descent has stalled in recent months.
For now, economic growth remains healthy, despite the weaker-than-expected first-quarter GDP reading, as employers continue to hire at a solid clip and workers still command robust wage gains.
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” Oren Klachkin
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Washington CNN, Federal Reserve, Gross, Commerce Department, Consumer, Nationwide, CNN