In Q1 2024, US economic growth slowed to 1.6%, below the expected 2.4%, driven by consumer spending. Despite the slowdown, the IMF upgraded its 2024 growth forecast to 2.7% due to robust employment and consumer spending. Job gains averaged 276,000 per month in Q1, higher than the previous quarter. Inflation acceleration suggests the Federal Reserve won't cut interest rates before September. US economy grew at 3.4% in Q4, above the non-inflationary growth rate of 1.8%.