The second reading of first quarter 2023 Gross Domestic Product (GDP) showed that the U.S. economy grew by 1.3%. While this was an improvement from the initial estimate of 1.1%, it is still significantly lower than the 2.6% growth reported in the fourth quarter of last year. Note that this data is subject to further revision when the final report is released on June 29. However, given that GDP functions as a scorecard for the country’s economic health, the disappointing reading is a further sign that the economy slowed faster than expected in the first three months of this year.