Article

2024-04-26 Economy

US Economy Growth slowed in Q1 of 2024

[BEA] Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent.
[This is an initial estimate. There will be adjustments. The next adjustment will be at the end of May.]
Personal saving was $755.7 billion in the first quarter, compared with $815.5 billion in the fourth quarter. The personal saving rate; personal saving as a percentage of disposable personal income; was 3.6 percent in the first quarter, compared with 4.0 percent in the fourth quarter.
[Unfortunately CPI growth isn't coming down quickly so this is unlikely to lead to a decrease in the Fed Fund rate in the near term]

Posted by Lord Garth 2024-04-26 00:00|| || Front Page|| [11142 views ] Top

#1 My son (Chef) works at a local rehab facility and does menus,food ordering ETC for 120 clients.
He said a case of tomatoes went from $27 to $60 and Onions went from $20 to $50....someone is out there laughing at all us.

Posted by crazyhorse 2024-04-26 01:32|| 2024-04-26 01:32|| Front Page Top

#2
But the DC SWAMP wants more tax $$$$$$.

Posted by NN2N1 2024-04-26 01:45|| 2024-04-26 01:45|| Front Page Top

#3 Yes #2. Ted Cruz was to have said that the reason DC always goes for taxes is because they think all Americans earn over $200,000 thousand a year.

A side note; last year refunds were much less so business was particularly slow. I spoke to a CPA yesterday and asked if refunds were paltry this year. Her response was yes. She said companies were not withholding enough without telling employee's. Perhaps but refunds are again small if you get a refund at all. I myself got nice refunds for the first time in years. Federal was very fast but state was very slow.

One last finding. Business activity in Penna, Maryland and West Virginia states have all been slow. Seems Virginia has been good (everyone says because of government spending for agency's).

Prior to COVID people lived pay check to pay check. Now paycheck doesn't make it. Even food stamps have been cut back majorly in Maryland.

Posted by Dale 2024-04-26 07:27|| 2024-04-26 07:27|| Front Page Top

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