US GDP Report Set to Highlight Immigration-Driven Boom
- Consumers, government and housing drove first-quarter growth
- Business investment was likely muted amid high interest rates
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Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
The figures, to be published Thursday by the Bureau of Economic Analysis, will probably show GDP rose at a 2.5% annualized rate over the first three months of the year, according to the median estimate in a Bloomberg survey. Consumer spending is seen advancing 3%.