U.S. Economy Grows 2.5% For Q1
The nation's gross domestic product – its measure of the output of goods and services – grew 2.5 percent in the first quarter of this year, the government said.
The preliminary growth report, while much larger than the 0.4 percent increase for the fourth quarter of 2012, was slightly below analysts' expectations, however.
The federal government's Bureau of Economic Analysis said the initial estimate that was released today is based on data that is either incomplete or subject to revisions. The second estimate of GDP, which will be based on more complete data, will be released May 30, the bureau said.
The increase primarily reflected jumps in consumer spending, private inventory investment, exports, residential investment, and nonresidential fixed investment, partly offset by drops in government spending at all levels. Imports, which are subtracted from the GDP calculation, increased.
Consumer confidence, meanwhile, fell slightly this month compared with March, but wasn't negatively impacted by the Boston Marathon bombings earlier this month, according to the monthly survey of consumer confidence by Thomson Reuters and the University of Michigan. But the survey results, which were released today, indicated that consumer were less optimistic about the economy's ability to continue to grow without an economic downturn within the next five years.
(Image credit: freedigitalphotos.net)
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