U.S. economy stalls in first quarter as activity weakens broadly

April 28, 2016 12:40 PM

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U.S. economy stalls in first quarter as activity weakens broadly

WASHINGTON, April 28 - U.S. economic growth braked sharply to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labor market.

Gross domestic product increased at a 0.5 percent annual rate, the slowest since the first quarter of 2014, the Labor Department said on Thursday in its advance estimate, also as businesses doubled down on efforts to reduce unwanted merchandise clogging up warehouses.

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