The U.S. economy accelerated at a slower pace in the first quarter than initially thought, the Commerce Department revealed on Thursday, as consumers pulled back on spending.The news could spell trouble for President Joe Biden's reelection prospects as voters continually rate him low on his performance on the economy ahead of the election in November.In the three months to begin the year, the economy grew at annual rate of 1.
Newsweek contacted the Biden campaign for comment via email on Thursday.Analysts say that in an environment of tight monetary policy and elevated inflation, the economy growing, albeit at a smaller pace, was a sign of resilience.
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