The U.S. economy hit the brakes in the first three months of 2011 as higher prices, especially for gasoline and food, squeezed spending by Americans.
Separately, the number of idled U.S. workers filing new claims for unemployment benefits unexpectedly jumped last week, the latest sign that the labor market remains weak.
Gross domestic product, the value of all the goods and services produced, rose at an seasonally adjusted annual rate of 1.8% in the first quarter, the Commerce Department said Thursday in its first estimate of the economy’s benchmark indicator.
Full Story: U.S. Economy Slows – WSJ.com