Disappointing GDP print at just 1.6%, (estimates were for 2.5%), but there are a couple of things to keep in mind;
This is a very Fed friendly number – slowing from last quarter’s very hot 3.4% growth – moves the timeline for rate cuts back to sooner rather than later.
The consumer portion of this report continues to show resilient strength. (Consumer is 2/3 of GDP).
Consumer spending driving the quarter
Imports increased which means consumers are spending on more things – this gets subtracted from GDP
April 25, 2024
Disappointing GDP print at just 1.6%, (estimates were for 2.5%), but there are a couple of things to keep in mind;