US Economic Growth Slowed To 2.3% Pace In First Quarter

USA Map Puzzle Rand McNally Store Melissa Doug United States from usa map, image source: catgo.co

US economic growth slowed to an annualized rate of 2.3% in the first quarter of 2018, the Commerce Department said on Friday.

The figure is better than the 2% economists had predicted, but still down from the rate of 2.9% seen in the fourth quarter of 2017.

Cautious consumer spending, which grew at its weakest pace in nearly five years, was blamed for the slowdown.

Businesses buying less equipment also held back the rate of growth.

Growth in consumer spending, which makes up more than two-thirds of US economic activity, eased to a 1.1% rate in the first three months of 2018.

That was the slowest pace since the second quarter of 2013 and followed the fourth quarter’s 4% growth surge.





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