Bidenomics: GDP Drops Lower than Expected in First Quarter as Inflation Rises to 3.7%
The GDP dropped faster than expected in the first quarter of 2024. Real GDP increased 1.6% after rising 3.7% in the fourth quarter of 2023 based on government spending.
Meanwhile, inflation rose to 3.7% in the first quarter – squeezing consumers who are already strapped in the Biden economy.
Zero Hedge described the seriousness of this latest economic news to consumers.
Abysmal economic data released on Thursday painted a not-so-rosy picture for the US economy. In the last 3 post-pandemic years, nominal growth has been positive while quality of life has deteriorated behind the scenes of officially released data, and the latest data continues the trend.
GDP growth slowed from 3.4% to 1.6%—missing economist expectations by 90 basis points (0.9%).
