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View More »US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
( ) -q-24- UNDATED (Correspondent Jeremy House) “reducing their inventories.”
The nation’s economy slowed last quarter.
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TAG: Correspondent Jeremy House reporting. The state of the U.S. economy has seized Americans’ attention as the election season has intensified. Although inflation has slowed sharply, to 3.5% from 9.1% in 2022, prices remain well above their pre-pandemic levels.
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VERBATIM: The economy grew at an annual rate of 1.6%, in a sign that the high interest rates may be taking a toll on borrowing and spending. The gross domestic product decelerated from its brisk 3.4% growth rate in the final three months of 2023. Consumers continued to drive growth last quarter, but slowed their spending. Growth was also held back down by businesses reducing their inventories.
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