US Q1 economic growth figures revised upwards

| June 24, 2011
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The Commerce Department has today revealed the US economy grew by an annualised 1.9% in the January to March period a�� marginally higher than the previous estimate of 1.8%.

On a quarterly basis, growth was up 0.58%.

Todaya��s reading is the third and final for first quarter growth.

Stubbornly high unemployment and a depressed housing market are impacting negatively on the worlda��s largest economy with corporate profits also attributed to the slowdown.

Earlier this week, the Federal Reserve opted to keep interest rates at the record low of between 0% and 0.25% and hinted that they will stay this way for the medium-term.

US interest rates have now been at this rate since December 2008 in an effort to stimulate economic growth.

The US central bank also lowered its growth forecast for the worlda��s largest economy in the face of higher energy prices.

It is now forecasting the economy will grow between 2.7% and 2.9% in 2001, revised from the 3.1% to 3.3% it predicted in April.

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