Gross domestic product, the sum of all goods and services produced across the sprawling U.S. economy, is expected to post a 2.4% annualized growth rate for the first quarter, according to the Dow Jones consensus forecast.
If that estimate is accurate, it would mark a step down from the 3.4% growth rate in the fourth quarter of 2023 and just a touch less than last year's 2.5% full-year growth rate.
"The U.S. economy is still very resilient, supported by a solid labor market that continues to support robust income growth and in turn, consumer spending activity," EY-Parthenon chief economist Gregory Daco said.
"We are seeing a little bit of cooling in terms of the consumer spending momentum.
But there isn't any form of retrenchment that would be alarming in terms of future income trends and in terms of future consumer spending trends."
Persons:
Dow, Gregory Daco, Daco, Goldman Sachs, Goldman, Spencer Hill
Organizations:
Wall, Gross, Atlanta Federal, Commerce, Commerce Department
Locations:
U.S, Atlanta