US economy grew at a slower pace in first quarter, compared to previous months, same time last year
Economists point to rising interest rates and high inflation as major factors for the slowdown.
The U.S. economy grew 1.1% in the first quarter of this year, compared to the previous year, the Commerce Department said Thursday.
The Gross Domestic Product report shows a much slower pace of growth compared to the previous two quarters, and the rate fell below economists’ expectations of 2%.
Economists point to rising interest rates and high inflation as major factors for the slowdown, according to CNN.