The US economy slowed dramatically at the start of 2023

Thu, 04/27/2023 - 08:37

People shopping at a grocery store — People shop in a grocery store in Manhattan, New York City, on March 28, 2022.
Andrew Kelly/Reuters

The advance estimate for GDP from the Bureau of Economic Analysis shows the US economy is slowing.
US GDP grew at annualized rate of 1.1% in the first quarter of 2023.
That's below the forecast of 2.0% and way below the 2.6% annualized rate in the fourth quarter of 2022.

While the US economy did grow in the first quarter of 2023 per new data from the Bureau of Economic Analysis, it was a dramatic slowdown.

That's based on the advance estimate for gross domestic product (GDP). US GDP climbed at an annualized rate of 1.1% in the first quarter, far below the forecast of 2.0%. Additionally, that growth is also below the third estimate for the fourth quarter of 2022, which was 2.6%.