GDP Disappoints: U.S. Economy Grew Just 1.1% in First Quarter

Misses Expectations by Nearly 50%
WILMINGTON, DE - MARCH 12: Democratic presidential candidate former Vice President Joe Biden delivers remarks about the coronavirus outbreak, at the Hotel Du Pont March 12, 2020 in Wilmington, Delaware. Health officials say 11,000 people have been tested for the Coronavirus (COVID-19) in the U.S. (Photo by Drew Angerer/Getty Images)
The U.S. economy expanded at a sluggish 1.1 percent annual pace in the first three months of the year despite strong consumer spending. Wall Street analysts had expected a two percent increase in gross domestic product after the economy grew