The American economy slowed during the first quarter to its weakest pace in two years, the government reported today, as business spending faltered and the trade deficit widened.
The nation's gross domestic product, the broadest measure of goods and services produced in the United States, grew at an annual clip of 3.1 percent, to $187.9 billion, compared with forecasts of 3.5 percent growth. That was its weakest performance since the first quarter of 2003, when it rose only 1.9 percent.
Today's report, issued by the Commerce Department, is the latest in a series of economic reports that have pointed to slower growth in the second quarter.
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