Gross domestic product grew at a 2.2 percent annualized rate, Commerce Department data showed Thursday, less than the initial 2.6 percent reading and projections for a revision of 2.3 percent.
Economists surveyed by Bloomberg project that growth in GDP, which measures the value of all goods and services produced in the country, will slow to 1.5 percent in the first quarter, the slowest pace in two years.
Consumer spending, the biggest part of the economy, grew at a downwardly revised 2.5 percent pace that also missed projections.
The final reading on a turbulent quarter that included U.S. stocks tumbling to the cusp of a bear market adds to concerns for the world’s biggest economy as global headwinds gather from Europe to China. While Federal Reserve Chairman Jerome Powell said this month that underlying economic fundamentals remain strong, policy makers have cut their outlook for growth this year and next . . .
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