U.S. economy expands 1.1% in 1st quarter, less than estimates

U.S. economy expanded 1.1% in the first quarter, less than market estimates, according to the Commerce Department's first reading released Thursday.

The market expectation for the figure was to come in at 2%.

The American economy grew 2.6% in the final quarter of 2022.

Current‑dollar GDP increased 5.1% at an annual rate, or $327.9 billion, in the first quarter, to $26.47 trillion, it said in a statement. In the fourth quarter of last year, the GDP increased 6.6%, or $414.1 billion.