This slide shows the contributors to quarterly annualized GDP growth in the U.S. Despite tighter monetary policy, the U.S. economy has been resilient, supported by solid consumer spending. Tariff policies have recently caused large swings in the more volatile components of GDP, distorting the data. However, a look beneath the surface shows that economic momentum is slowing. In the table, we show each component's share of nominal GDP and their average contribution to real GDP growth from 2000 to 2024, as well as their contribution to growth in the latest quarter.