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The U.S. economy grew at a slower pace in the first three months of 2024, according to the Bureau of Economic Analysis’U.S. real GDP grew at an annual rate of 1.6% in the first quarter of 2024, slower than both Q4 2023’s 3.4% growth rate and economists’ 2.4% prediction. Consumer spending growth also slowed to 2.5% from the previous quarter’s 3.3% growth.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 1.6% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
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