Pace of economic growth slows as inflation remains stubborn
Economic growth increased at a slower pace than economists had predicted in the first quarter, while President Biden continued to deliver a positive message about the economy. NBC News' Peter Alexander reports.
U.S. economic growth in the first quarter fell below the Federal Reserve's estimates of the economy's long-run potential for the first time in nearly two years, but the signs of slowing were accompanied with fast inflation that, if sustained, would pose a particular dilemma for the central bank. Fed officials through much of their battle with a pandemic-driven breakout of inflation said they thought it would take a period of below-trend growth t…
Economic Growth in US Slows as Inflation Is on the Rise Again
There has been a whole lot of positive economic news for President Joe Biden in recent months, but the latest figures on the slowing growth of the gross domestic product (GDP) must have him and his campaign worried. Preliminary figures for the first quarter of this year from the Bureau of Economic Analysis showed that the GDP increased by 1.6 percent, which is the slowest rate in almost two years and well below expectations. It is also less tha…