|Published:||Jun 25, 2010 1:43 PM EDT|
|Updated:||Jun 25, 2010 10:45 AM EDT|
WASHINGTON (AP) - The government lowered its estimate of how
much the economy grew in the first quarter of the year, noting that
consumers spent less than it previously thought.
The Commerce Department says that gross domestic product rose by
2.7 percent in the January-to-March period, less than the 3 percent
estimate for the quarter that the government released last month.
It was also much slower than the 5.6 percent pace in the previous
The department's report is the third of three estimates it makes
for each quarter's GDP, the broadest measure of the nation's
economic output. The first quarter's growth rate declined from
earlier reports because consumers spent less than previously
estimated, while the nation imported more goods from overseas.