U.S. productivity growth slowed in the first quarter of 2024, casting doubt on the American economy’s future growth, according to data released by the Bureau of Labor Statistics (BLS) on Thursday.
Growth in U.S. business productivity slowed to just 0.3% in the first quarter of 2024, below economists’ predictions of 0.5% and far lower than the 3.5% rate of growth achieved in the fourth quarter of 2023, according to the BLS. Sluggish growth in productivity bodes poorly for broader gross domestic product (GDP) growth, which slowed to 1.6% in the first quarter of 2024.
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