The US economy slowed at the start of 2024, while still remaining robust: growth reached +0.4% in Q1 2024, after +0.8% in Q4 2023. Activity was occasionally hampered by the decline in production in the extractive sector (-2% in Q1) as a result of unfavourable weather conditions during the winter. On the demand side, private consumption slowed slightly but remains vigorous (+0.4% in Q1 after +0.8% in Q4 2023), with households benefiting from real wage increases and job creations. Private investment has also improved significantly (+1.7%): with the increase in past housing starts, home investment has been particularly buoyant (+3.8% after +0.7% in Q4 2023), whereas non-residential investment (+1.1%) was driven mainly by investment in intellectual property. Meanwhile, manufacturing sector investment in buildings and structures stabilised at a high level: with the effect of the Inflation Reduction Act, this investment has virtually doubled since mid-2022. Government consumption and investment were at a standstill in Q1 (+0.4% after +1.1%), after budgetary policy had strongly supported US activity in 2023, resulting in a high government deficit (-6.2% of GDP in 2023). Foreign trade held back growth (-0.2 points): exports were at a standstill (+0.4%) while imports grew strongly (+1.5%) in April...