The US economy is on track to miss Trump’s growth target – again
5 years, 4 months ago

The US economy is on track to miss Trump’s growth target – again

Al Jazeera  

US economic growth was stronger than expected July-September, but the rate marked a slowdown from the previous quarter. US gross domestic product – which measures the market value of all final goods and services produced – rose at a 1.9 percent annualised rate in the third quarter. Though stronger than the 1.6 percent analysts polled by Reuters news agency had forecast, the preliminary reading still marked a slowdown from the second quarter’s two percent annualised growth rate. The resilience of the US consumer Growth in consumer spending, which accounts for more than two-thirds of US economic activity, slowed to a still-healthy 2.9 percent rate last quarter after surging at a 4.6 percent pace in the second quarter, the fastest since the fourth quarter of 2017. Business investment fell at a 3.0 percent rate in the third quarter, the sharpest contraction in more than three and a half years, after falling at a 1.0 percent rate in the second quarter.

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History of this topic

US Fed Policy: Will Donald Trump’s tariff chaos pinch Jerome Powell? Interest rate to ‘dot plot’—5 indicators to watch
1 week, 2 days ago

US Fed Policy: Will Donald Trump’s tariff chaos pinch Jerome Powell? Interest rate to ‘dot plot’—5 indicators to watch

Live Mint  

US Fed Policy: The US Federal Reserve is all set to announce its monetary policy decision on March 19, after a two-day review meeting to deliberate on the central bank's benchmark interest rate and the state of the US economy. This is the second policy verdict by US Fed Chair Jerome Powell-led Federal Open Market Committee for 2025 and holds …

Second estimate of US growth confirms a 2.3% annual pace expansion in fourth quarter
1 month ago

Second estimate of US growth confirms a 2.3% annual pace expansion in fourth quarter

Associated Press  

WASHINGTON — The American economy grew at a solid 2.3% annual rate the last three months of 2024, supported by a burst of year-end consumer spending, the government said, leaving unchanged its initial estimate of fourth-quarter growth. The Commerce Department reported Thursday that growth in gross domestic product — the nation’s output of goods and services — decelerated from a …

U.S. economy grows solid 2.3% in October-December on eve of Trump return to White House, 2.8% in ’24
1 month, 4 weeks ago

U.S. economy grows solid 2.3% in October-December on eve of Trump return to White House, 2.8% in ’24

Associated Press  

WASHINGTON — A humming American economy ended 2024 on a solid note with consumer spending continuing to drive growth, and ahead of what could be a significant change in direction under a Trump administration. But a category within the GDP data that measures the economy’s underlying strength rose at a healthy 3.2% annual rate from July through September, slipping from …

U.S. economy grows solid 2.3% from October to December, 2.8% for full year 2024
1 month, 4 weeks ago

U.S. economy grows solid 2.3% from October to December, 2.8% for full year 2024

LA Times  

Young shoppers look over a row of large-screen televisions on display in a Costco warehouse Dec. 19, 2024, in Denver. The Commerce Department reported Thursday that gross domestic product — the economy’s output of goods and services — expanded at a 2.3% annual rate from October through December. But a category within the GDP data that measures the economy’s underlying …

The US economy just had another robust year
1 month, 4 weeks ago

The US economy just had another robust year

CNN  

Washington CNN — Another year of robust economic growth is in the books, underscoring how the Biden administration handed President Donald Trump what many consider a solid economy. “The US consumer has been unstoppable, supported by wealth creation, a strong labor market, and lending.” The latest GDP report comes on the heels of the Federal Reserve’s latest policy decision announced …

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
3 months, 1 week ago

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

Associated Press  

WASHINGTON — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and …

US Q3 GDP data: US economy grows 2.8% YoY in third quarter on steady consumer spending
4 months ago

US Q3 GDP data: US economy grows 2.8% YoY in third quarter on steady consumer spending

Live Mint  

The US economy expanded steadily in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment. Gross domestic product increased at a 2.8 percent annualized pace in the third quarter, the second estimate of the Bureau of Economic Analysis figures showed Wednesday. The government’s other main gauge of economic activity — gross domestic income …

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate
Trending News
4 months ago

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate

Associated Press  

WASHINGTON — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. Still, American voters — exasperated by high prices — were unimpressed by the steady growth and chose this month to return Donald Trump …

America’s economy explains a lot about why Trump got reelected
4 months, 3 weeks ago

America’s economy explains a lot about why Trump got reelected

CNN  

CNN — Donald Trump’s decisive election victory was about many things: a global rejection of incumbents, a rise in the Republican electorate and a battle for the future of America’s democracy. Why the US economy stings so much Housing: America’s home prices have reached new record highs for 15 straight months. That’s a healthy pace by any measure, and it’s …

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending
4 months, 4 weeks ago

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still-high interest rates. Wednesday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — slowed slightly from its 3% growth rate in …

US economy is believed to have grown at a solid pace again last quarter
4 months, 4 weeks ago

US economy is believed to have grown at a solid pace again last quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Powered by consumer spending, the …

The U.S. economy is growing solidly. Here's what's working — and what's not
4 months, 4 weeks ago

The U.S. economy is growing solidly. Here's what's working — and what's not

NPR  

The U.S. economy is growing solidly. Here's what's working — and what's not toggle caption Spencer Platt/Getty Images With just days before Election Day, the U.S. just got its latest economic report card — and it's good, even if many people don't feel that way. toggle caption Anna Rose Layden/Getty Images The healthy labor market and stronger spending bode well …

U.S. Economic Growth Increased Last Quarter To A Healthy 2.8% Annual Rate
8 months ago

U.S. Economic Growth Increased Last Quarter To A Healthy 2.8% Annual Rate

Huff Post  

LOADING ERROR LOADING WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. Despite last quarter’s uptick, …

US economic growth increased last quarter to a healthy 2.8% annual rate
8 months ago

US economic growth increased last quarter to a healthy 2.8% annual rate

Associated Press  

WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. the Fed thinks that it’s getting close …

U.S. economic growth increased last quarter to a healthy 2.8% annual rate
8 months ago

U.S. economic growth increased last quarter to a healthy 2.8% annual rate

LA Times  

Amazon employees in South Gate load packages on carts before putting them on trucks for delivery last week as part of the company’s Prime Day event. The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose …

US economy posts 2.8 percent growth in April-June quarter
8 months ago

US economy posts 2.8 percent growth in April-June quarter

New Indian Express  

The US economy, despite high interest rates, grew at 2.8 percent in the second quarter -- double the rate of 1.4 percent that it saw in the January-March period. After a slow start this year, the world's biggest economy grew at an annual rate of 2.8 percent in the April to June period, up from 1.4 percent in the first …

US economic growth for last quarter is revised up slightly to a 1.4% annual rate
9 months ago

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

Associated Press  

WASHINGTON — The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. The Commerce Department had previously estimated that the gross domestic product — the economy’s total output of goods and services — advanced at a 1.3% rate …

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools
9 months, 4 weeks ago

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools

Hindustan Times  

The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer and equipment spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates before the end of the year. Details of the report showed that consumer spending growth, revised down by 0.5 …

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending
9 months, 4 weeks ago

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Commerce Department had previously estimated that the nation’s …

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
10 months, 1 week ago

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

Associated Press  

WASHINGTON — It was a time of fear and chaos four years ago. DECENT GROWTH Trump assured the public in 2017 that the U.S. economy with his tax cuts would grow at “3%,” but he added, “I think it could go to 4, 5, and maybe even 6%, ultimately.” If the 2020 pandemic is excluded, growth after inflation averaged 2.67% …

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up
11 months ago

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up

Hindustan Times  

The US economy expanded less than projected in the first three months of 2024 as exports and consumer spending declined, confirming the expectations of the financial markets that the Federal Reserve would postpone rate-cutting until September. The first quarter saw the US economy rise by 1.6 percent, according to the government data. The first quarter saw the world's largest economy …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
11 months ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates
11 months ago

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

LA Times  

Robots assemble solar panels at the Hanwha Qcells Solar plant in Dalton, Ga., in 2023. On Thursday, the government reported that U.S. economic growth slowed sharply last quarter to a 1.6% annual pace. The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic …

China’s economy beats expectations, growing 5.3 percent in first quarter
11 months, 1 week ago

China’s economy beats expectations, growing 5.3 percent in first quarter

Al Jazeera  

Statistics agency says economy has made ‘good start’ to the year under the leadership of Chinese President Xi Jinping. China’s economy grew faster than expected in the first three months of the year, a boost for policymakers grappling with a property-sector crisis, weak consumer demand and mounting government debt. The NBS said in a statement that the economy had made …

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
1 year ago

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. In the …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate
1 year, 1 month ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession. The …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
1 year, 1 month ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.S. economy grew at …

Recession has struck some of the world’s top economies. The US keeps defying expectations
1 year, 1 month ago

Recession has struck some of the world’s top economies. The US keeps defying expectations

Associated Press  

NEW YORK — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. It’s blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant …

Report: US economy grew faster than any other G7 country last year
1 year, 1 month ago

Report: US economy grew faster than any other G7 country last year

Daily Mail  

America's economy is growing at a faster pace than any other G7 country in part thanks to a post-pandemic productivity boom, experts say. The IMF World Economic Outlook report estimates the US economy grew by 2.5 percent in 2023 - and is set for a similar 2.1 percent growth in 2024. Figures released today show US worker productivity grew at …

US economy sees remarkable growth at 3.3% in fourth quarter than expected
1 year, 2 months ago

US economy sees remarkable growth at 3.3% in fourth quarter than expected

Hindustan Times  

The US economy remained startlingly sound in the fourth quarter to finish out a remarkably great 2023 as individuals and businesses continued to spend freely, despite high interest rates and price levels that have annoyed many households. The most recent data highlighted the surprisingly resilient nature of the largest economy in the world, with GDP growing at an annual rate …

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up
1 year, 2 months ago

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up

Daily Mail  

Consumers and businesses have continued to spend despite high interest rates The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to spend. The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to …

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience
1 year, 2 months ago

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience

Associated Press  

WASHINGTON — The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated …

US growth likely slowed last quarter but still pointed to a resilient economy
1 year, 2 months ago

US growth likely slowed last quarter but still pointed to a resilient economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The nation's economy was supposed …

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
1 year, 2 months ago

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter

CBS News  

The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its …

Economic recovery tipped to continue this year
1 year, 2 months ago

Economic recovery tipped to continue this year

China Daily  

Nation places significant emphasis on maintaining reasonable GDP growth rate At first glance, the situation faced by China's economy may not appear to offer hope for a strong recovery. The policy stance of stepping up growth stabilization efforts, coupled with the unfolding recovery momentum and ongoing efforts to resolve financial risks associated with the real estate sector and local government …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year, 3 months ago

US economic growth for last quarter is revised up to a 5.2% annual rate

Associated Press  

WASHINGTON — Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September — still healthy but a downgrade …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year, 3 months ago

US economic growth for last quarter is revised up to a 5.2% annual rate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shrugging off higher interest rates, …

US economy grows at faster rate in nearly 2 years
1 year, 5 months ago

US economy grows at faster rate in nearly 2 years

Hindustan Times  

The US economy heated up more than expected in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. The GDP pick up reflects "accelerations in consumer spending, private inventory investment, and federal government spending" among other factors, said the Commerce Department. - "The US economy …

US economy grows at its fastest rate in TWO YEARS after households splashed out on Taylor Swift concerts and Barbie tickets - but experts warn trend is finally starting to slow
1 year, 5 months ago

US economy grows at its fastest rate in TWO YEARS after households splashed out on Taylor Swift concerts and Barbie tickets - but experts warn trend is finally starting to slow

Daily Mail  

That is the highest growth in almost two years - spurred by consumer spending US GDP accelerated 4.9 percent in Q3, according to the Commerce Department The US economy grew last quarter at its fastest rate in nearly two years thanks to a surge in consumer spending. Consumer spending was up 4 percent, up from just 0.8 percent last quarter, …

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
1 year, 5 months ago

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes

Associated Press  

WASHINGTON — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace. The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% …

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection
1 year, 6 months ago

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The second-quarter expansion of the nation’s gross domestic product — its total output of goods and services — marked a modest deceleration from the economy’s …

US economic growth for last quarter is revised down to a 2.1% annual rate
1 year, 6 months ago

US economic growth for last quarter is revised down to a 2.1% annual rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from …

U.S. economic growth for last quarter is revised down to a 2.1% annual rate
1 year, 6 months ago

U.S. economic growth for last quarter is revised down to a 2.1% annual rate

LA Times  

A worker prepares materials and construction parts at the Boeing Interiors Responsibility Center in North Charleston, S.C., on May 31. The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from January through March. Though the economy has been slowed by the Federal Reserve’s strenuous drive to tame inflation with interest …

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
1 year, 8 months ago

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes

Associated Press  

WASHINGTON — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation. Consumer spending, the heart of the nation’s economy, was also solid last quarter, though it slowed to a 1.6% annual rate …

US economy grew faster than expected in Q2
1 year, 8 months ago

US economy grew faster than expected in Q2

Al Jazeera  

The US economy grew faster than expected in the second quarter as labour market resilience supported consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay. The government’s measure of inflation in the economy, the price index for gross domestic purchases, increased at a 1.9 percent rate, slowing from the 3.8 percent pace logged in …

The US economy grew stronger than expected in the second quarter, but consumers are pulling back
1 year, 8 months ago

The US economy grew stronger than expected in the second quarter, but consumers are pulling back

CNN  

Washington CNN — The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Consumer spending, which accounts for about two-thirds of economic output, grew at just a 1.6% rate in the second quarter, down sharply from a 4.2% rate in the first three months of the year. “In …

US economic growth last quarter is revised up sharply to a 2% annual rate
1 year, 8 months ago

US economic growth last quarter is revised up sharply to a 2% annual rate

Associated Press  

WASHINGTON — Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite …

U.S. economic growth last quarter is revised up sharply to a 2% annual rate
1 year, 9 months ago

U.S. economic growth last quarter is revised up sharply to a 2% annual rate

LA Times  

Jeep Gladiator pickup trucks at a dealership in Englewood, Colo. On Thursday, the Commerce Department issued its final estimate of how the U.S. economy performed in the first quarter of 2023. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite the uptick, the government’s third …

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate
1 year, 10 months ago

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The steady slowdown in the nation’s economic growth is a consequence of the Federal Reserve’s aggressive drive to tame inflation, with 10 …

US economy slows sharply in January-March quarter
1 year, 11 months ago

US economy slows sharply in January-March quarter

Al Jazeera  

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. “We continue to expect the drag from higher interest rates and tightening credit conditions to push the economy into a mild recession soon.″ Many economists have said the cumulative impact …

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