U.S. GDP Growth Slowed More Than Previously Estimated in First Quarter

U.S. GDP Growth Slowed More Than Previously Estimated in First Quarter #

The U.S. economy experienced slower growth in the first quarter of the year, primarily due to weaker consumer spending. According to a revised reading by the Commerce Department, the gross domestic product (GDP) expanded at a lower annualized pace of 1.3% during this period. The initial estimate had indicated a growth rate of 1.6%.