First-quarter GDP is projected to show an annualized gain of 2% when the Commerce Department releases the number Thursday.
The U.S. economy likely grew at a solid pace to start the year, though things are likely to get worse before they get better. First-quarter gross domestic product is projected to show an annualized gain of 2% when the Commerce Department releases the number Thursday morning. That will represent a deceleration from the fourth quarter's 2.6% increase and it could be the peak for a year that may well end in recession.
" What makes that critical is that consumer spending accounted for 68% of total GDP in the fourth quarter and is thus the linchpin for growth. Despite rising debt levels and the prospects that financing will become more difficult to come by, consumers are in fairly solid shape. Total consumer debt rose 6.2% in 2022 after climbing 7.4% the previous year, according to Federal Reserve data . Debt service as a share of disposable income is at 9.
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