Economic Growth Slows To 1.1%

  • Gross domestic product rose at a 1.1% annualized pace in the first quarter, below the 2% estimate.
  • Slumping inventories and a general decline in private investment held back early-year gains.
  • Inflation was higher than expected in the quarter, with the PCE price index rising 4.2% against the 3.7% estimate.
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