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US economic growth slowest in 2 years
The US economy grew at an annual rate of 0.5 per cent in the first quarter of this year, pulled back by slowing consumption, the commerce department said on Thursday.
Washington: The US economy grew at an annual rate of 0.5 per cent in the first quarter of this year, pulled back by slowing consumption, the commerce department said on Thursday. The economy settled into the slow lane last quarter, as consumers took their foot off the gas and businesses grew more cautious as well, the New York times reported.
The growth rate in the first three months of 2016 continued a downshift that began late last year. It reinforced what has become something of an annual economic rite in recent years a weak first quarter, followed by optimistic predictions that a rebound was just around the corner.
In 2015, the economy finished the year with a growth rate of 1.4 percent in the fourth quarter.The optimists may be right that growth will pick up for the rest of 2016 as it did last year, but the trajectory of the economic recovery remains frustratingly uneven, nearly seven years after it began.
