The United States economy slowed sharply from January through March, decelerating to just a 1.1 per cent annual pace as higher interest rates hammered the housing market and businesses reduced their inventories.

Thursday’s estimate from the US Commerce Department showed that the nation’s gross domestic product — the broadest gauge of economic output — weakened after growing 3.2 per cent from July through September and 2.6 per cent from October through December.

But consumer spending, which accounts for about 70 per cent of US economic activity, remained resilient, growing at a 3.7 per cent annual pace, the fastest such rate in nearly two years. Spending on goods, in particular, was solid: It rose at its fastest pace since the second quarter of 2021.

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