Thursday, May 31, 2012

First Quarter GDP Revised Down to 1.9%

Marketwatch details:

The U.S. economy ran into a deeper soft patch in the first quarter than initially estimated, a government report showed on Thursday.

The Commerce Department estimated that the economy grew at a 1.9% pace in the first quarter, slower than the 2.2% rate initially reported.

This is down from a 3.0% growth rate of real gross domestic product, the output of goods and services produced in the U.S., in the fourth quarter.

Source: BEA

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