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U.S. first-quarter growth cut to 1.8 percent

rmt5 in MA Wrote: Jun 27, 2013 8:16 AM
......and "unexpected" too, I suppose.

WASHINGTON (Reuters) - U.S. economic growth was more tepid than previously estimated in the first quarter, held back by a moderate pace of consumer spending, weak business investment and declining exports.

Gross domestic product expanded at a 1.8 percent annual rate, the Commerce Department said in its final estimate on Wednesday. Output was previously reported to have risen at a 2.4 percent pace after a 0.4 percent stall speed in the fourth quarter.

Economists polled by Reuters had expected first-quarter GDP growth would be left unrevised at 2.4 percent. When measured from the income side, the economy grew at a...

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