U.S. Economic Growth Slows to 1.8% Rate in First Quarter
The American economy slowed to a crawl in the first quarter,
but economists are hopeful that the setback will be
temporary.
Total output grew at an annual pace of 1.8 percent last
quarter, the Commerce Department said Thursday, after having
expanded at an annualized rate of 3.1 percent at the end of
2010. Most economists had forecast growth of 2 percent in the
first quarter.
The slowdown was largely the result of a widening trade
deficit, a larger decrease in federal government spending and
higher commodity prices, which reduced the amount of pocket
money that households and businesses had available to spend.
Read More:
http://www.nytimes.com/2011/04/29/business/economy/29econ.html?hp&emc=na
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