US economy slows in first quarter of 2011

posted by
April 28, 2011
Fox News    
Posted in News

"The U.S. economy grew at an annualized rate of 1.8 percent in the first quarter, down from 3.1 percent in the final three months of 2010, the Commerce Department said Thursday. Gross domestic product grew 2.9 percent overall last year, the government said last month. In Thursday's report, the first of three estimates of first-quarter GDP, the Commerce Department attributed the slowdown to a deceleration of consumer spending in the face of higher prices for food and fuel as well as to declines in the housing and government sectors." [editor's note: Since government spending is inherently a malinvestment and therefore a drag on, not a plus to, actual production of valuable goods and services, that last is nonsense - TLK] (04/22/11)


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