This is half the 0.8% growth in the fourth quarter of 2023, according to the third estimate released by the Department of Commerce's Bureau of Economic Analysis.
The GDP of the United States registered an expansion of 0.4% in the first quarter of the year, this is half the growth of 0.8% in the fourth quarter of 2023, according to the third estimate published by the Office of Economic Analysis of the Department of Commerce.
In annualized figures, GDP increased by 1.4% between January and March, compared to 3.4% in the previous three months. The update of one tenth upwards compared to the second reading is explained by lower imports and greater non-residential fixed investment and public spending than expected. However, this dynamic was partially offset by lower consumption.
The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, non-residential fixed investment, and state and local government spending, which were partly offset by a decline in inventory investment and an increase in imports.
Compared to the fourth quarter, the slowdown in real GDP was a consequence of a moderation in consumer spending, exports and spending by state and local administrations, as well as a decline in federal government spending. Imports accelerated. These movements were offset to some extent by a rebound in residential fixed investment.
MACRO SCENARIO
The United States consumer price index (CPI) stood at 3.3% year-on-year in the month of May, one tenth less than in April, while the underlying index closed the fifth month of 2024 with a reading of 3 .4%, two tenths less.
For its part, the US economy generated 272,000 new jobs in May, a figure much higher than the 165,000 jobs created in April, while the unemployment rate rose one tenth, to 4%. Thus, the US labor market has been creating jobs for 41 consecutive months.
Hiring expanded mainly in the health, government, leisure and tourism, and professional, scientific and technical services sectors. Afterwards, it barely showed any variation in mining, oil and gas extraction, construction, industry, wholesale trade, transportation and storage, the information sector, financial activities, and other services.
