Consumers Remain Resilient as the U.S. Economy Slows in Q1

Chad Holland |

The U.S. economy grew at a +1.1% annual rate in the first quarter of 2023, marking a decline from the +2.6% growth rate in the fourth quarter of 2022. It was the third consecutive quarter of growth, but it was also the second consecutive quarter where the rate of growth slowed compared to the prior quarter. Looking at the numbers, the data shows there are pockets of strength in the U.S. economy, such as strong consumer spending on goods and services and increased government spending. However, other areas remain challenged, such as single-family housing and business spending on computers, equipment, and restocking inventories