Economics
U.S. Economy Expands to 0.5% Pace, Weakest in Two Years
- Business investment slumps most in since second quarter 2009
- GDP figures mark third straight sluggish start to a year
U.S. Economic Growth Slows to 0.5% in First Quarter
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The U.S. economy expanded in the first quarter at the slowest pace in two years as American consumers reined in spending and companies tightened their belts in response to weak global financial conditions and a plunge in oil prices.
Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.