US Economic Growth Slows, , Jobless Claims Fall.<br />The Commerce Department released <br />its Q1 gross domestic product report <br />on April 27, Reuters reports. .<br />Economic growth slowed more than anticipated, increasing only at a 1.1% annualized rate.<br />Increased consumer spending was offset by a $1.6 billion decline in inventory investments.<br />Businesses anticipated weaker demand<br /> due to higher borrowing costs.<br />Reuters reports that disregarding "inventories, government and trade," economic growth reached 2.9%.<br />Next week, the Federal Reserve is expected to hike interest rates by 25 more basis points. .<br />Since March of last year, the Fed has <br />raised rates by 475 basis points.<br />A separate Labor Department report <br />showed initial unemployment claims fell by 16,000 for the week ending April 22.<br />Continuing claims remained low, as Reuters reports there were 1.7 new jobs per each unemployed person in February.<br />The current unemployment <br />rate is at 3.5%
