U.S. economy grew at tepid 1.9% during first quarter
New York, NY, United States
June 24, 2011 04:32 pm EDT
Economy, Business And Finance, Economy, Economy, Business And Finance, Macro Economics, Economic Indicator
The United States economy grew at a slow 1.9 percent pace during the first quarter of the year a slowdown in growth that Federal Reserve policy makers hope will only be a temporary.
In contrast, the economy grew at a more robust 3.1 percent rate in the previous quarter. Still the 1.9 percent figure was better than the 1.8 percent rise in gross domestic product predicted for the first quarter by government officials last month.
Real gross domestic product is the total output of goods and services produced by labor and property located in the U.S.
"The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased," the U.S. Department of Commerce Bureau of Economic Analysis said in a statement.
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