The US expansion lost some of its momentum in the first quarter of the year as consumers reined in spending on cars and other products, but growth was still quicker than economists had expected before the official release.
Gross domestic product rose at a 2.3 per cent annual pace in the first three months of the year, according to the Bureau of Economic Analysis, a slowdown from the 2.9 per cent expansion clocked in the final quarter of 2017.
The deceleration reflected slower consumer spending on cars, clothing and footwear, coupled with softer residential investment. The growth was still stronger than the 2 per cent annualised GDP gain forecast by economists surveyed by Bloomberg.
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