Economic Growth Slows Substantially in Quarter

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%.


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