Economic growth slows in first quarter - Trade Only Today

Economic growth slows in first quarter

Author:
Publish date:

The U.S. economy grew at a slower pace than forecast in the first quarter as consumer purchases cooled, home construction fell and government spending declined.

Gross domestic product rose at a 1.8 percent annual rate from January through March after a 3.1 percent pace in the last three months of 2010, the Commerce Department said today.

Economists projected 2 percent growth, according to the median estimate in a Bloomberg News survey. Higher gasoline prices prompted Americans to limit spending after they ramped up purchases in the prior three months.

GDP estimates from 80 economists surveyed by Bloomberg ranged from 0.5 percent to 3.5 percent. The first-quarter pace was the slowest since April through June 2010. For all of 2010, the world's largest economy expanded 2.9 percent, the most in five years, after shrinking 2.6 percent in 2009.

Click here for the full article.

Related

Senior Manager, Customer Service - Sea Ray

It is our people behind life’s passions who will make the big difference. If you are interested in becoming part of a company that delivers market leading products, driving your own career and working with brands committed to active lifestyles, then you’ve found your fit.