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U.S. Economic Growth Slows
America's gross domestic product, which expanded at a 3% annualized rate in the final three months of 2011, grew at a revised 1.9% pace in the first quarter of 2012, according to the Dept. of Commerce.
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America's gross domestic product, which expanded at a 3% annualized rate in the final three months of 2011, grew at a revised 1.9% pace in the first quarter of 2012, according to the Dept. of Commerce. The department previously estimated 2.2% growth for the last quarter.
Consumer spending, which rose 2.1% in the fourth quarter, climbed at a 2.7% rate in the January-March period, down from the previous 2.9% estimate. Exports grew but so did imports.
Most economists expect American GDP to keep expanding at a sluggish pace as weak economies overseas erode exports and U.S. business confidence.
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