US economy grew at a slower pace in first quarter, compared to previous months, same time last year

The U.S. economy grew 1.1% in the first quarter of this year, compared to the previous year, the Commerce Department said Thursday.

The Gross Domestic Product report shows a much slower pace of growth compared to the previous two quarters, and the rate fell below economists’ expectations of 2%. 

 Economists point to rising interest rates and high inflation as major factors for the slowdown, according to CNN.