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The contraction was better than predicted by the Reserve Bank of New Zealand, which had forecast a fall of 0.5 percent.
‘Events in the Middle East are casting a shadow over the global economy, compounding the concerns about lingering inflation and weaker growth.’
New revised GDP data show better-than-expected economic growth in fourth quarter 2023, but real-time GDP estimates for first quarter 2024 dropped sharply.
Household spending increased just 0.1 percent in the December quarter.
Consumer and state and local government spending were revised higher in the fourth quarter.
Government and consumer spending accounted for much of the US economic growth.
Debt, reckless foreign policy, and the malicious intent of our adversaries threaten the dollar as the world’s reserve currency.
