Growth in U.S. Trails Forecasts as Defense Spending Falls

The economy in the U.S. grew less than forecast in the first quarter as a drop in defense spending outweighed the biggest increase in consumer spending in two years. Gross domestic product rose at a 2.5 percent annual rate, lower than forecast, after a 0.4 percent fourth-quarter advance, Commerce…

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Growth in U.S. Trails Forecasts as Defense Spending Falls