U.S. economy off to a sluggish start in 2015

The U.S. economy barely grew during the first quarter of 2015, due to slowdowns in consumer spending and slumps in business investment and exports. Gross domestic product expanded at an annual rate of just 0.2 percent from Jan. 1 to March 31, according to the U.S. Commerce Department. That was the weakest reading in a year and also a big step down from the fourth quarter’s 2.2% pace. A strong dollar and a now-resolved labor dispute at normally busy West Coast ports contributed to the economy’s anemic performance, the government says. There are signs the economy is pulling out of the soft patch, economists say. However, data on home building, manufacturing, retail sales and business investment suggest the rebound will lack the vigor seen last year when the economy snapped back after being blindsided by cold weather. The weak growth also reduces the chances of a June interest rate hike from the Federal Reserve. Read more here. D