This week: economic growth, unemployment, inflation update

Economists expect growth slowed to just 2% in the first quarter of 2024, down from 3.4% in the final quarter of 2023 and 4.9% in the third quarter. Consumers are still spending, which is a key driver for economic growth, but they’re facing persistent pressure from high borrowing rates and inflation.The proxy for layoffs held steady last week at 212,000 jobless claims. They have mostly remained in a narrow range since February.

The Commerce Department delivers its March snapshot of U.S. consumer spending and inflation on Friday. The Federal Reserve closely watches the report for inflation signals. It raised interest rates to their highest levels in 22 years in an effort to tame inflation, which has been cooling. Wall Street is hoping for rate cuts to begin in 2024, but inflation remains stubbornly higher than the Fed’s 2% target. Analysts forecast that year-over-year inflation ticked higher to 2.6%.

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