Washington, DC, April 30, 2014 — Economic growth nearly stalled out completely in the first quarter, according to the Commerce Department.
Growth slowed to a 0.1% annual pace in the first quarter, down from 2.6% at the end of 2013.
However, consumer spending rose 3% after a 3.3% gain in the fourth quarter, but the increase was mostly due to more spending on utilities and health care.
Business investment on equipment fell 5.5% to mark the biggest drop in almost five years.
Investment in home construction also fell for the second consecutive quarter, down an annualized 5.7%.