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.
Sign on facade at Lululemon athleisure clothing store on Santana Row in the Silicon Valley, San Jose, California, December 14, 2019.
By Joseph Weber

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.