to a 1.4% seasonally adjusted annual rate in the Bureau of Economic Analysis’s third and final estimate published Thursday.The government agency updates its GDP estimates over the course of several weeks as analysts get a better picture of how the economy performed during the first quarter.
The weaker growth in the first quarter was attributable in part to slower consumer spending. That could be a response to the Federal Reserve’s efforts to curb inflation by keeping interest rates higher for longer. But the previous few quarters of robust GDP numbers have given the Fed some ammunition to keep rates higher for longer, as has the underlying strength in the labor market.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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