US economy grows slower than expected in Q1
Economists had expected the US economy to grow by 0.7% in the first quarter. Posted GDP growth indicated the weakest performance since early 2014, when US GDP contracted by 0.9%. Business spending fell by 5.9% on the back of cost cutting measures in the energy sector while consumer spending growth also fell to 1.9% from 2.4%. Exports also fell by 2.6%. A slowdown in the economic recovery might affect the Fed’s decision to implement a second rate hike this year.
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