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US GDP growth revised down slightly US GDP growth revised down slightly
(35 minutes later)
The US economy grew at an annualised rate of 2.4% in the first three months of the year, new figures from the Commerce Department show.The US economy grew at an annualised rate of 2.4% in the first three months of the year, new figures from the Commerce Department show.
The figure is slightly slower than the 2.5% rate originally estimated for the quarter.The figure is slightly slower than the 2.5% rate originally estimated for the quarter.
Consumer spending was stronger than first thought, but businesses bought less and some government spending cuts were deeper than thought.Consumer spending was stronger than first thought, but businesses bought less and some government spending cuts were deeper than thought.
Economists widely expect growth to slow again in the next three months.Economists widely expect growth to slow again in the next three months.
That is in part due to the expected impact of federal spending cuts, but also of the continuing weakness is the global economy.
The US has recovered more strongly than many other developed nations following the global economic downturn.
The 2.4% annualised growth figure describes how much the economy would grow by if the growth seen in the quarter was maintained across the year.
The quarter-on-quarter growth figure was 0.6%.
Consumer spending accounts for about 70% of US GDP.
Consumers may have been emboldened by improvements in the jobs market, given that employers have added an average of more than 200,000 jobs a month since November.
There are also increasing signs of a recovery in the housing market.