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Sunday 30th of May 2010
May 28, 2010    

US Q1 economic growth figures revised downwards

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by Kay Murchie

The Commerce Department has revealed the US economy grew by an annualised 3% in the January to March period – slightly lower than the 3.2% previously estimated.

The figures surprised analysts who had predicted an upward revision to 3.4%.

The downward revision was due to a slower rate of business investment, which fell to 3.1% down from a previous estimate of 4.1%.

However, this was only the second estimate and a third and final estimate will be published next month.

Meanwhile, unemployment in the world’s largest economy remains high and the recent figures show the unemployment rate rose to 9.9% in April, from 9.7% in March.

In addition, consumer spending growth was revised downwards from 3.6% to 3.5%.

“We’re out of recession, but the recovery is not going to bring a whole lot of smiles,” according to Joel Naroff of Naroff Economic Advisors.

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