Economy slows, GDP grew 1.1%

The U.S. economy slowed at the start of 2023, suggesting that an aggressive series of interest rate hikes at the Federal Reserve has cooled business activity even as the stock and job markets have made gains. U.S. gross domestic product grew by a 1.1% annualized rate over the three months ending in March, according to government data released Thursday. The data showed a slowdown from 2.6% growth in the previous quarter. In turn, that performance indicated a downshift from 3.2% growth in the previous quarter. Consumer spending, which accounts for roughly two-thirds of the U.S. economy, surged over the first three months of this year, said the Bureau of Economic Analysis, a government agency. Government spending at the federal and local level also fueled the economic growth, the agency said. However, the slowdown from the previous quarter resulted from a decline in business investment and residential fixed investment, which includes money spent on home buying and construction, the data showed.  (ABC News 04/27/23) US economic growth slowed significantly at start of 2023 (msn.com)