U.S. economy grew at 1.1% in early 2023, points to ‘significant slowing’

The U.S. economy wobbled in the first months of 2023, growing at an annual rate of 1.1 percent, as higher interest rates and a banking crisis dragged down activity across sectors. The latest figures, released Thursday by the Bureau of Economic Analysis, mark a sharp slowdown at a time when Wall Street is already bracing for recession, in part because of fears that the banking sector’s troubles will curtail lending.