The U.S. economy, supposed to slow down sharply because of higher interest rates, grew at a solid 2% annual rate in the first quarter. It still appears to be expanding.
The numbers: The U.S. economy was supposed to slow down sharply this year because of higher interest rates, but it grew at a solid 2% annual pace in the first quarter, updated figures show, and the economy still appears to be expanding.
Consumer spending rose 4.2% from a prior 3.8% annual clip, explaining most of the upward increase in GDP. It was the biggest gain in two years. Exports were a bit stronger than previously reported and business investment in large structures such as oil rigs or warehouses was quite strong, up 16%. Big picture: The economy has proven surprisingly resilient even as the Federal Reserve jacks up interest rates to slow down growth and tame inflation. The Fed itself recently raised its GDP forecast for 2023 to 1.1% from 0.4%.
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