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US growth rate revised down to 1.8%
[BBC.CO.UK] The US economy grew by less than previously estimated in the first quarter of the year, the Commerce Department has said.Gross domestic product - which measures annual economic output - grew at an annualised pace of 1.8%, down from an earlier estimate of a 2.4% rise. Weak business investment, a slowdown in consumer spending and falling exports led to the downward revision. In the final quarter of 2012, the annualised growth rate had been 0.4%. The revised figure surprised analysts, who had expected it to remain unchanged at 2.4%. US stocks rose as analysts said the revised figures could alter the Federal Reserve's intention to slow down its $85bn-a-month bond purchases, which was based on its anticipation that the economy will strengthen. Posted by: Fred 2013-06-27 |
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