Policymakers and business leaders will closely eye the release of data on Thursday set to show whether the U.S. economy continued to grow at the outset of 2023.
CRUjiente Tacos bartender Alan Trellez mixes cocktails inside the Arcadia neighborhood restaurant, Feb. 1, 2023, in Phoenix.The U.S. economy slowed at the start of 2023, suggesting that an aggressive series of interest rate hikes at the Federal Reserve has cooled business activity even as the stock and job markets have made gains.
Consumer spending, which accounts for roughly two-thirds of the U.S. economy, surged over the first three months of this year, said the Bureau of Economic Analysis, a government agency.However, the slowdown from the previous quarter resulted from a decline in business investment and residential fixed investment, which includes money spent on home buying and construction, the data showed.
5% last month compared to a year ago, extending a monthslong slowdown of price increases, but leaving inflation more than double the target rate of 2%.
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