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US economic growth slows to 1.1% while inflation accelerates

Consumer spending rose 3.7%

Bloomberg News

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. […]

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