U.S. economic growth slowed in the first quarter, largely the result of a deceleration in consumer spending that hit even though tax cuts fattened the wallets of many American households.
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation—rose at an annual rate of 2.3% for the months of January through March, the Commerce Department said Friday. That was less than the 3% rate of output growth during the final nine months of 2017, though above the 1.8% growth rate economists expected before the report.
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