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The U.S. economy grew at a meager 1.6 percent annual rate and inflation surged higher in the first three months of the year, the government reported Thursday.
Consumer spending was solid but weaker than many economists had forecast, with consumers pulling back sharply on spending on goods. Spending on durable goods declined at a 1.2 percent annual pace. Spending on services rose four percent. Overall spending rose at a 2.5 percent rate, below the three percent estimated and the 3.3 percent recorded in the final three months of 2023.
Exports were weak, reflecting soft demand from struggling economies around the world, while imports surged. Imports subtract from gross domestic product.
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