US GDP April 2023: Economic Growth Slows to 1.1% as Business Investment Slumps

by Business Growth


US economic growth slowed in the first quarter by more than expected as tepid business investment and a pullback in inventories tempered a pickup in consumer spending.

Gross domestic product rose at a 1.1% annualized rate on the back of the strongest consumer spending in nearly two years, the Commerce Department’s initial estimate showed Thursday. Household spending advanced at a 3.7% pace.


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