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US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

WASHINGTON (AP) — The nation’s economy slowed sharply last quarter to a 1. 6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated in the January-March quarter from its brisk 3. 4% growth rate in the final three months of 2023. A surge in imports, which are 1...

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