David Paul Morris/Bloomberg/Getty Images
Homes in Oakland, California, US, on Thursday, March 28, 2024.
Washington
CNN
—
US economic data released Thursday was broadly disappointing.
America’s economy expanded at a weaker pace earlier this year than initially reported. The decline in home sales based on contract signings last month was much steeper than economists expected. And mortgage rates inched higher this week, thrusting the average rate back above the psychological 7% threshold.
Treasury yields slipped after the release of the government’s latest measure of economic growth in the first quarter, which also showed that consumer spending was softer than previously estimated. The benchmark 10-year US Treasury yield slid below 4.6%.
Thursday’s batch of economic figures shows that the economy isn’t heating back up and has instead struggled under the weight of the highest interest rates in more than two decades. And while Thursday’s indicators point to some economic pressure being felt by American…
