The economy is projected to lose more steam in the months to come as rising prices and higher interest rates take a toll on families and businesses. Growth was weighed down by declining inventories and housing investment. economy is showing signs of stress as nervous shoppers watch their spending and anxious lenders keep a tight grip on credit.Ī report from the Commerce Department Thursday shows the nation's gross domestic product grew at an annual rate of just 1.1% in the first three months of the year, compared to a 2.6% pace in the previous quarter. to experience a mild recession and says customers have grown more reluctant to splurge on or supersize their orders.įrom banks to burger joints, the U.S. A customer waits to order food at a Miami McDonald's on July 26, 2022.
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