The US economy slowed sharply from January through March, decelerating to just a 1.1 percent annual pace as higher interest rates hammered the housing market and businesses reduced their inventories.Thursday’s estimate from the Department of Commerce showed that the nation’s gross domestic product (GDP) — the broadest gauge of economic output — weakened after growing 3.2 percent from July through September and 2.6 percent from October through December.But consumer spending, which accounts for about 70 percent of United States economic activity, remained resilient, growing at a 3.7 percent annual pace, the fastest such rate in nearly two years. Spending on goods, in particular, was solid: It rose at its fastest pace since the second quarter of 2021.
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