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U.S. Economic Growth Slower Than Expected
The American economy expanded at a 2.4% annual rate in the first quarter of 2013 compared with an initial estimate of 2.5% growth, according to the Dept. of Commerce.
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The American economy expanded at a 2.4% annual rate in the first quarter of 2013 compared with an initial estimate of 2.5% growth, according to the Dept. of Commerce.
The slower growth figure is the result of downward revisions to figures for government spending, commercial construction and inventory building.
But those declines were mostly offset by a 3.4% increase in consumer spending in the January-March period, 0.2 points greater than the preliminary estimate. Such consumption accounts for 70% of the U.S. economy.
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