US economic growth slows sharply as interest rate hikes kick in
by Edward Helmore in New York from Economics | The Guardian on (#6B774)
Annual pace decelerates to just 1.1% as fears of recession this year grow despite strong consumer spending
US economic growth slowed sharply in the first quarter of the year, despite strong consumer spending resilient to interest-rate rises designed to tame historic inflation.
The latest GDP figures released by the US commerce department show that the world's largest economy slowed sharply from January through March, to just a 1.1% annual pace as businesses reduced inventories amid a decline in housing investment.
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