GDP Disappoints: U.S. Economy Grew Just 1.1% in First Quarter, Misses Expectations by Nearly 50%

The U.S. economy expanded at a sluggish 1.1 percent annual pace in the first three months of the year despite strong consumer spending

Wall Street analysts had expected a two percent increase in gross domestic product after the economy grew 2.6 percent in the final three months of last year.

Consumer spending remained very strong, rising 3.7 percent in the January through March period.

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