WASHINGTON: US economic growth lost steam in the first quarter this year, said the Commerce Department on Thursday (Apr 27), as the possibility of a mild recession brews while consumer spending weakens. Consumption has provided a boost to the world's biggest economy, giving it a strong start to 2023, but r
WASHINGTON: US economic growth lost steam in the first quarter this year, said the Commerce Department on Thursday , as the possibility of a mild recession brews while consumer spending weakens.
"Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected a downturn in private inventory investment and a slowdown in nonresidential fixed investment," said the Commerce Department. Economic activity has been easing as the US central bank rapidly hiked the benchmark lending rate to tackle stubborn inflation, while the full fallout from recent financial sector unrest - following the failures of three midsized lenders last month - is yet to be seen.
Meanwhile, banking sector stress could bring tighter credit conditions, making it harder for households and businesses to get loans.
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