NEWS SUMMARY: US economy appears weaker

AP News
Posted: May 31, 2012 6:44 PM
NEWS SUMMARY: US economy appears weaker

GROWTH SLOWS: U.S. economic growth slowed to an annual rate of 1.9 percent in the January-March quarter, weaker than an initial estimate of 2.2 percent.

UNEMPLOYMENT BENEFITS: Weekly applications for unemployment aid rose by 10,000 to a seasonally adjusted 383,000, the highest level in five weeks.

ECONOMIC OUTLOOK: Many economists believe the overall economy is growing between 2 percent and 2.5 percent in the current April-June quarter and will grow around 2.5 percent for the entire year, an improvement over last year's anemic 1.7 percent growth.