(Reuters) - WASHINGTON, June 28 - The U.S. economy grew at a
0.7 percent annual pace in the first three months of this year,
the weakest in more than four years as businesses sold off
inventories but consumer spending remained strong, a Commerce
Department report on Thursday showed.
It was the weakest quarterly expansion in gross domestic
product, or GDP, since the fourth quarter of 2002 but slightly
better than the government's earlier 0.6 percent estimate for
growth during the quarter. Still, it was a tad weaker than the
0.8 percent growth economists were expecting.
Read more at Reuters.com Economic News
0.7 percent annual pace in the first three months of this year,
the weakest in more than four years as businesses sold off
inventories but consumer spending remained strong, a Commerce
Department report on Thursday showed.
It was the weakest quarterly expansion in gross domestic
product, or GDP, since the fourth quarter of 2002 but slightly
better than the government's earlier 0.6 percent estimate for
growth during the quarter. Still, it was a tad weaker than the
0.8 percent growth economists were expecting.
Read more at Reuters.com Economic News
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