WASHINGTON (AP) — The U.S. economy grew at an annual rate of 1.9 percent in the first three months of the year, slower than first estimated.
The Commerce Department on Thursday lowered its estimate for January-March growth from an initial estimate of 2.2 percent. The downward revision was largely because consumers and governments spent less than first estimated, businesses restocked more slowly, and the U.S. trade deficit grew sharply.
Analysts believe the economy is growing at a slightly faster rate this spring. They estimate growth at an annual rate of between 2 percent and 2.5 percent in the April-June quarter. Many expect the economy will maintain that pace for all of 2012, an improvement from last year's 1.7 percent growth.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
