Gross domestic product grew at an annual rate of 2.5 percent. Consumer spending is up, and home construction rose. But government spending fell, and tax increases and federal budget cuts are expected to slow later this year.
STEVE INSKEEP, HOST:
Accelerating economic growth is at the top of NPR's business news.
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INSKEEP: U.S. economic growth regained speed in the first quarter of this year, although not as much as economists had hoped. The Gross Domestic Product grew at an annual rate of 2.5 percent. Consumer spending is up and home construction rose, but government spending fell and tax increases, as well as federal budget cuts, are expected to slow economic growth later in the year.
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