U.S. economy

Growth came in at a 1.5 percent annual rate, a sharp slowdown from the 3.9 percent gain in the previous quarter. Companies cut back on the amount of goods on shelves, but consumers continued to spend.

The monthly numbers from the Labor Department's Bureau of Labor Statistics were well short of the 245,000 jobs economists had expected.

The jobless rate ticked up to 5.7 percent despite robust job growth that exceeded economists' expectations.

Economists' forecasts for 2015 have gotten even more optimistic as oil prices have declined. Most now say inflation will remain low as hiring strengthens. That should lead to more consumer spending.