Tag: Bureau of Economic Analysis

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

South Carolina Sun Staff
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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Mexico Dethrones China as America’s Main Source of Goods

South Carolina Sun Staff
Car Plant in Mexico

Mexico supplied the United States with a higher volume of goods than China in 2023, according to annual data from the Bureau of Economic Analysis (BEA) published on Wednesday.

The U.S. imported about $427.2 billion worth of goods from China, whereas imports from Mexico reached around $475.6 billion, according to the data. Trade tensions between the U.S. and China persist as America continues to impose sanctions and tariffs while the two countries engage in a race to develop artificial intelligence technology.

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U.S. Economic Growth Exceeds Expectations with Rate Cuts on the Horizon

South Carolina Sun Staff
Blue Collar

The U.S. economy grew at a rate of 3.3% in the fourth quarter of 2023, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday.

In the third quarter of 2023, real GDP rose 4.9%, down from the second estimate of 5.2%, but in line with initial estimates. Economists expected that GDP growth would be around 2% for the fourth quarter of 2023, in line with typical U.S. growth rates.

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