A family shops at the Wal-Mart Neighborhood Market in Bentonville, Arkansas, U.S. on June 4, 2015. REUTERS/Rick Wilking
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The U.S. economy slowed less than initially thought in the first quarter, but there are signs it could struggle to rebound sharply in the second quarter amid slowing business investment and moderate consumer spending. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said Friday in its second GDP estimate for the first three months of the year.That was the worst performance since the first quarter of 2016 and followed a 2.1 percent rate of expansion in the fourth quarter.Spending on equipment rose at a 7.2 percent rate in the first quarter rather than the 9.1 percent reported last month. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose at a 0.6 percent rate instead of the previously reported 0.3 percent pace.
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