The US economy grew at a much slower pace in the first quarter of 2023 – KESQ

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(CNN) The US economy slowed to an annualized and seasonally adjusted rate of 1.1% in the first quarter of this year, according to GDP data released Thursday by the Commerce Department.

That falls below economists’ expectations of 2% and marks a much slower pace compared with the previous two quarters as rising interest rates and high inflation weighed on consumers and businesses.

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