Outlooks – May 2024 Edition

First quarter GDP showed a disappointing economic growth rate of 1.6%, below all estimates of the nearly 70 economists surveyed by Bloomberg. Growth expectations had been climbing steadily and were approaching 3% in the two weeks prior to the official release, which made the report even more surprising. This data initially put the strength of the overall economy into question as we experienced the slowest growth since the second quarter of 2022.

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