30 May 2024

US Economic Growth Last Quarter Is Revised Down From 1.6% Rate To 1.3%,

 U.S. GDP revised down to cooler-than-expected 1.3% growth in Q1

US Economic Growth Last Quarter Is Revised Down From 1.6% Rate To 1.3%, But  Consumers Kept Spending
May 30, 2024 8:31 AM ETBy: Liz KiescheSA News Editor46 Comments
Hundred Dollar Bills On The American Flag Close Up With Lomo Effect High Quality

Darren415

U.S. gross domestic product was revised to +1.3% annualized growth rate in Q1 2024 from the Commerce Department's initial estimate of +1.6%, which is lower than the 1.5% consensus estimate. 
The revision draws an even starker contrast with Q4 2023's robust GDP growth of 3.4%.
  • The revision primarily reflects a downward revision to consumer spending. 
  • Private inventory investment and federal government spending were also revised lower, while 
  • state and local government spending, nonresidential fixed investment, residential fixed investment, and exports were revised higher. 
  • Imports were revised higher.
Q1 personal consumption expenditures: +2.0% vs. 2.2% consensus and prior estimate of +2.5%. 
  • That compares with a 3.3% increase in Q4 2023.
Along with the moderating consumer spending, inflation measures cooled slightly from the advance estimates the Commerce Department issued in April. 
  • Q1 PCE prices were revised to +3.3% from the initial estimate of +3.4% and compared with 3.4% consensus and 1.8% in Q4.
  • Q1 core PCE prices were revised to +3.6% from +3.7%. That compared with the 3.7% consensus and 2.0% in Q4.
Real disposable personal income rose 1.9% Q/Q in Q1, an upward revision of 0.8 percentage point. 
The personal saving rate was revised up 0.2 pp to 3.8%, the Department of Commerce's Bureau of Economic Analysis said.
32 Best Countries to Dropship to in 2024 - BrandsGateway
2024 Economic Midyear Outlook | Morgan Stanley
Global economy is “cautiously optimistic” amid political risks: WEF Chief  economists - Asia News NetworkAsia News Network
More on the US Economy
Status Of Banks' Unrealized Losses In Q1 Worsened After Brief Rate Cut Mania Relief
U.S. economy continues to expand overall, the Federal Reserve's Beige Book says
Consumer confidence perks up in May, The Conference Board says
APAC dominates global land and development site investments - Colliers | RE  Talk Asia
World Bank says GCC economic growth to rebound in 2024-2025 - Fast Company  Middle East | The future of tech, business and innovation.

=========================================================================

Most chief economists are upbeat about the prospects for a sustained rebound in global growth, with nearly 70% expecting a return to 4% growth in the next five years (42% within three years). 
In high-income countries, they expect growth to be driven by technological transformation, artificial intelligence, and the green and energy transition.
  • However, opinions are divided on the impact of these factors in low-income economies. 
There is greater consensus on the factors that will be a drag on growth, with geopolitics, domestic politics, debt levels, climate change and social polarization expected to dampen growth in both high- and low-income economies.

In terms of the policy levers most likely to foster growth in the next five years, the most important across the board are innovation, infrastructure development, monetary policy, and education and skills. 
  • Low-income economies are seen as having more to gain from interventions relating to institutions, social services and access to finance compared to high-income economies. 
  • There is a notable lack of consensus on the impact for growth of environmental and industrial policies.

Global economic outlook is brightening, WEF latest report says

Global economic outlook is brightening, WEF latest report says
Regional variations
Growth expectations have improved, though unevenly, across the globe.
  • The survey reveals a significant boost in the outlook for the United States, where nearly all chief economists (97%) now expect moderate to strong growth this year, up from 59% in January.

Asian economies also appear robust, with all respondents projecting at least moderate growth in the South Asia and East Asia and Pacific regions. 
  • Expectations for China are slightly less optimistic, with three-quarters expecting moderate growth and only 4% predicting strong growth this year.
  • By contrast, the outlook for Europe remains gloomy, with nearly 70% of economists predicting weak growth for the remainder of 2024. 
  • Other regions are expected to experience broadly moderate growth, with a slight improvement since the previous survey.
But geopolitical and domestic political tensions cloud the horizon.
Some 97% of respondents anticipate that geopolitics will contribute to global economic volatility this year.


PRESS RELEASE • MAY 29, 2024


As gross domestic product (GDP) remains a popular criterion for determining the size and strength of a country’s economy, below is a list of the top ten largest economies in the world as of April 2024.

The top 10 largest economies in the world in 2024:

RankCountry Name
GDP (USD Billion)
1United States28.78 thousand
2China18.53 thousand
3Germany4.59 thousand
4Japan4.11 thousand
5India3.94 thousand
6United Kingdom3.5 thousand
7France3.13 thousand
8Brazil2.33 thousand
9Italy2.33 thousand
10Canada2.24 thousand

*GDP is based on the data referred from the IMF Report and updated on April 2024

No comments:

The Complete Bart Simpson Timeline