This morning’s release by BEA of the second estimate of 1Q 2024 GDP confirms that the US economy is slowing down. The second estimate of revised GDP slightly lower to an increase of 1.3% compared to the advanced estimate of 1.6%. Economist had originally expected growth of 2.4%.
In a slight reversal of the advanced estimate, R&D expenditures grew more than originally estimated. Expenditures on software and on information processing equipment were slightly lower the advanced estimate, but still were up compared to the last quarter.
The Intangible Economy 