The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. Consumer spending grew just 1.5%, down from an initial estimate of 2% in a sign that high interest rates may be taking a toll on the economy.
The Commerce Department had previously estimated that the gross domestic product — the economy's total output of goods and services — advanced at a 1.3% rate last quarter.
