The United States' gross domestic product increases by 1.1% in the first quarter of 2023, lower than economists' 2% forecast.
WASHINGTON, USA – US economic growth slowed more than expected in the first quarter as an acceleration in consumer spending was offset by businesses liquidating inventories in anticipation of weaker demand later this year amid higher borrowing costs.
“Leaner inventories mean second-quarter GDP is on a solid foundation,” said Chris Low, chief economist at FHN Financial in New York. “Of course, what is built on that foundation depends on many things, including job and income growth as well as confidence and credit availability.” Economists said the drawdown appeared to be both planned as businesses were likely reluctant to add to stockpiles of unsold goods and the result of stronger consumer spending.
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