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US economy grew slower than expected at the start of 2024
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Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 1.6% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
That is lower than the 2.4% increase forecast by LSEG economists and marks a sharp slowdown from the 4.9% pace seen during the fourth quarter.
This is a developing story. Please check back for updates.
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