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The U.S. economy grew less than previously thought in the first three months of the year, expanding at an annual pace of just 1.3 percent, revised government data showed Thursday.
Consumer spending grew an an annualized pace of two percent in the first quarter, the new figures show, down from the previous estimate of 2.5 percent. In the second half of last year, consumer spending had expanded at a better than three percent rate. Trade and inventories are volatile components of GDP, often reversing direction from one quarter to the next outside of recessions.
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