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US Q1 economic growth figures remain unchanged

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by Kay Mitchell

The Commerce Department has today revealed the US economy grew by an annualised 1.8% in the first quarter - unchanged from the first estimate and less than analysts’ expectations of a 2.1% growth rate.

However, today’s estimate is only the second reading and the third and final reading will be available next month and could be revised up or down.

The unrevised figure was attributed to corporate profits unexpectedly contracting for the first time in over two years.

Meanwhile, growth in consumer spending, which accounts for more than two-thirds of US economic output, was revised down to 2.2% from 2.7%.

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News posted: May 26, 2011

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