Published on 29 Apr 2024 on Zacks via Yahoo Finance
Economic Growth Slows Triggering Slowdown Fears: 5 Safe Bets
Volatility has returned to Wall Street as discouraging economic data released over the past month has raised concerns over a delay in rate cuts. Stocks took a hit on Apr 25 after data showed that the U.S. economy grew at a modest pace of 1.6% in the first quarter, the slowest in almost two years.
Also, GDP growth was a lot lower than the 2.2% consensus estimate and 3.4% recorded in the final quarter of 2023. Consumer spending has been slowing lately, decelerating economic growth. Besides, a large number of businesses are reducing their inventories, which is holding economic growth.