The U.S. economy grew at a 1.8% annual rate in the first quarter, the Commerce Department said Thursday.
The gross domestic product growth rate followed a 3.1% fourth-quarter pace and was below economists’ estimates of 2%, Bloomberg reported.
Consumer spending, which accounts for about 70% of the economy, rose at a 2.7% rate, following the fourth-quarter’s 4%, which had been the most since 2006.
Thursday’s first-quarter GDP figure was the first of three to be released by Commerce.
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