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U.S. economy grew 2.3% in Q1

Staff Writer |
The U.S. economy grew at a rate of 2.3% in the first quarter, according to the Commerce Department's preliminary report.

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That's slower than the 2.9% pace in the fourth quarter of 2017.

Consumer spending, which accounts for more than two-thirds of the economy, eased to a 1.1% rate last quarter, its weakest in nearly five years.

Last quarter, spending grew at a robust 4% clip. Economists believe it jumped toward the end of last year in anticipation of tax cuts and as hurricane-damaged areas of the country spent more to replace cars and trucks.

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