US economy grows 1.6% in first quarter, recovering from federal shutdown, government says, downgrading first estimate
WASHINGTON (AP) — U.S. economic growth slowed slightly in the first quarter, with real GDP rising at a 1.6 percent annual rate. The increase was driven by steady consumer spending and solid business investment, though weaker government spending and a drag from trade held back gains. The pace came in below some expectations, signaling stable—but not overheating—activity. That could ease pressure on the Federal Reserve to raise interest rates sharply, […]