Tag: stagflation

U.S. Economic Growth in First Quarter Worse than Previously Thought

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Jerome Powell and Joe Biden (composite image)

The U.S. economy grew less than previously thought in the first quarter of 2024 amid a slowdown in consumer spending, the Bureau of Economic Analysis (BEA) announced Thursday.

Gross domestic product (GDP) was revised down in the first quarter from 1.6 percent to 1.3 percent year-over-year in a sign that the economy is not as strong as initial estimates indicated, according to a release from the BEA. Economists originally expected growth in the first quarter to be around 2.2 percent, more in line with the above trend growth seen in the third and fourth quarters of 2023, which were 4.9 percent and 3.4 percent, respectively.

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Commentary: Jobs Report Shows the Specter of Stagflation Has Returned

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The specter of stagflation has returned. The monthly jobs report released Friday showed only 175,000 jobs were created last month, well below the recent average and expectations.

More than half of new jobs were created in the unproductive government and quasi-government healthcare and social services sectors that don’t generate growth. Average wages grew at a slower rate than inflation, meaning Americans’ real wages and living standards are declining.

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Mounting Evidence Is Pointing to a Nightmare Scenario for the U.S. Economy

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U.S. annual economic growth measured just 1.6 percent in the first quarter of 2024, following a report of persistently high inflation in March of 3.5 percent year-over-year. The combination of both low growth and high inflation, in conjunction with continuously high amounts of government spending and debt, has led to signs of stagflation in the U.S. economy, which wreaked havoc on U.S. consumers throughout the 1970’s, according to experts who spoke to the DCNF.

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