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US economy grows 2% as layoffs plunge to 55-year low, inflation lingers

New York Post·Ariel Zilber·about 1 month ago
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Fresh data showed the US economy grew at a 2% annualized pace in the first quarter while core inflation rose 3.2% year-over-year in March as data shows a resilient, if uneven, recovery. Economic growth came in a touch softer than expected, with the Commerce Department reporting a 2% annualized expansion in the first quarter — just below the roughly 2.2% to 2.3% pace economists had penciled in heading into the release. The miss reflects more cautious consumer spending as households grapple with higher prices and the lingering effects of past interest rate hikes. Job seekers line up to enter the HIRE360 Diversity Hiring Expo in Inglewood, Calif., on April 28. US jobless claims remained near historically low levels, signaling a resilient labor market despite a modest uptick in layoffs.…

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