The U.S. economy grew by 1.3% in the first quarter, the slowest pace in nearly two years, due to reduced consumer spending and a wider trade deficit. Revised figures showed consumer spending increased by 2%, lower than the previously reported 2.5%. Despite the sluggish start, forecasts suggest GDP growth could rebound to 3% or more in the second quarter. Inflation remained steady, with the personal-consumption-expenditures price index rising at a 3.3% rate.