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Commerce department says gross domestic product decelerated to 1.6% at the start of the year as consumers slowed spending
US economic growth has slowed sharply to its weakest rate in almost two years as high interest rates pile pressure on the world’s largest economy. But inflation continues to loom large.
Gross domestic product increased at an annualized rate of 1.6% in the first quarter, according to official data: significantly short of the 2.4% rate expected by economists.
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