Consumer spending – Page 6 – One America News Network

US economic growth slows in first quarter; inflation surges

he U.S. economy grew at its slowest pace in nearly two years as a jump in imports to meet still-strong consumer spending widened the trade deficit.

U.S. prices increased less than expected, with the cost of services outside housing and energy slowing significantly.

The U.S. was boosted by strong consumer spending and business investment in nonresidential structures.

Consumer spending appeared to be slowing in the first quarter amid rising inflation and high borrowing costs.

Toyota Motor agreed to give factory workers their biggest pay increase in 25 years.

Economists cautioned the decline may be due to winter storms and technical factors.