The U.S. economy saw a modest increase in real gross domestic product (GDP) at an annual rate of 1.4% in the first quarter of 2024, according to the "third" estimate from the Bureau of Economic Analysis (BEA). This outcome represents a slight rise from the 1.3% second estimate but a slowdown from the 3.4% growth in Q4 2023.

The slowdown compared to the Q4 2023 was driven by reduced consumer spending, exports, and government spending.

Compared to the second estimate of Q1 2024, downward revisions in imports and consumer spending were partly offset by upward revisions in nonresidential fixed investment, state and local government spending, exports, federal government spending...