The U.S. economy slowed to its lowest growth rate in three years. Consumer spending was at a very low growth pace with lower auto sales which offset a rise in oil drilling and housing investment.
|Gross domestic product (GDP) rose just 0.7 percent during the quarter at an annualized rate. In the prior quarter the growth rate was 2.1 percent. A median of various analyst's forecasts was 1.0 percent. The largest part of the economy consumer spending rose by only 0.3 percent the worst performance since 2009.|