According to data released by the US Department of Commerce's Bureau of Economic Analysis on Thursday, the US real gross domestic product (GDP) grew at an annualized rate of 1.6% in the first quarter, far below the expected 2.4%, and significantly slower than the 3.4% growth rate in the fourth quarter of last year. Unlike most countries, the United States uses a month on month discount rate to measure economic growth. The advantage of using a month on month discount rate is that it amplifies the trend of quarterly economic changes and can better grasp short-term economic fluctuations. Based on traditional year-on-year calculations, the US GDP in the first quarter increased by 3.0% year-on-year, which is 0.1 percentage points slower than the fourth quarter of 2023 and still maintains a relatively high level.