Consumer spending slowing down and worries about banks also weigh on outlook
US economic growth slowed in the first quarter, with analysts noting that consumer spending is weakening. (Photo: AFP)
WASHINGTON: US economic growth lost steam in the first quarter this year, the Commerce Department said on Thursday, as the possibility of a mild recession brews while consumer spending weakens.
Consumption has provided a boost to the world’s biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and rising interest rates are likely to weigh on the outlook.
US gross domestic product rose at an annual rate of 1.1% in the January to March period, down from 2.6% in the fourth…
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