The economy grew by 1.1% in the 1st quarter of 2023

According to the Bureau of Economic Analysis, the advanced estimate of the US economy’s 1st quarter growth was 1.1% at annual rates. The highly regarded Weekly Economic Index estimate of 1.1% was on the money, while the Atlanta FED’s prediction of 2.5% was well above the observed rate. The economy grew by 2.1% in 2022, after an extraordinarily high growth rate of 5.9% in 2021, resulting from the economic engineering of a huge money transfer to individuals. And initially, there were many concerns about whether people will spend the money or not. The transferred money drilled a hole in our pockets and was spent rapidly. But then we developed a taste for that level of expenditure, so we drained our savings by almost a trillion dollars and then added another trillion dollars to household debt to continue our splurge. Last year was the party’s aftermath, and we had to clean up. The most obvious consequence of that level of expenditures was the 9%+ inflation we experienced last June and higher interest rates as the FED started to apply its breaks.

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The GDP rose by 1.1% in the 1st quarter of 2023 – Newsletter – Kamran Afshar Associates Inc. (

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Economic Pulse: Week of 4/29/23 (