GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday's Economic Digest
US economy grew 1.4% in Q1 2024, slower than Q4 2023 due to reduced consumer spending, exports, and gov. spending. Inflation rose slightly, and layoffs may lead to higher unemployment in June. Fed may cut rates later this year. Stock market reacts negatively.