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Since that meeting, however, some key government reports have suggested the economy weakened in March. Employers added only 88,000 jobs in March, a sharp slowdown from average gains of 220,000 in November through February. And consumers cut back on their spending at retail stores and restaurants last month, a sign that higher Social Security taxes have made more Americans cautious about spending. Still, reports on housing and autos continue to signal strength. In March, builders broke the 1 million mark on homes started for the first time since June 2008. The increase in the seasonally adjusted annual rate was fueled by a surge in apartment construction. And U.S. auto sales rose to 1.45 million in March, their highest level since August 2007. Car sales fell slightly from last March but pickup truck sales jumped 14 percent. Economists forecast that the economy grew at a 3 percent annual rate in the January-March quarter, a healthy rebound from a weak 0.4 percent increase in the fourth quarter. But most now expect growth will slow sharply to about 1.5 percent in the April-June quarter.
[Associated
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