US Q1 GDP growth weakens slightly
May 31 , 2013
The American economy grew at an annualized rate of 2.4 percent in the first quarter of the year, according to figures released by the Commerce Department on Thursday.
The figure came in lower than the 2.5 percent originally estimated for the three-month period.
Although consumer spending came in stronger than initially estimated, businesses purchased less and government spending cuts were more severe than previously expected.
According to economists, growth is likely to slow further over the next quarter due to the impact of continuing spending cuts and a weaker global economy.