Why the US is stuck in interest rate ‘purgatory’
GDP, adjusted for inflation, increased at a 1.6 per cent annual rate, but figures also included more evidence that efforts to tame price increases have stalled.
The US economy has remained resilient this year, with a strong job market fuelling robust consumer spending. The trouble is, inflation is resilient, too.
Gross domestic product, adjusted for inflation, increased at a 1.6 per cent annual rate in the first three months of the year, the Commerce Department said on Thursday (Friday AEST). That was down sharply from the 3.4 per cent growth rate at the end of 2023, and fell well short of forecasters’ expectations.
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