US economy grows less than estimated in Ql as consumer spending cools

The US economy grew less than initially estimated in the first quarter of 2024 as consumer spending cooled, the government reported on May 30.

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The world's biggest economy expanded at an annual rate of 1.3 per cent in the January to March period, the Commerce Department said, below the 1.6 per cent figure published in April. This revision was in line with analysts' expectations.

Both growth numbers mark a significant deceleration from the 3.4 per cent expansion seen in the final quarter of 2023.

While President Joe Biden and officials maintain that the US economy remains robust, he is struggling to convince voters of his performance on the economic front ahead of November's presidential election.