patrick.net

  new post
register or log in

#investing   #housing   #politics   #humor  
10,721 registered users, 3 users online now: BayArea, MMR, zzyzzx

First-quarter growth reading slashed in cautionary note on economy

By Ironman (97/100 = 97% civil)   2013 Jun 26, 1:21pm   ↑ like   ↓ dislike   251 views   1 comment   watch (0)   share   quote  

WASHINGTON (Reuters) - The U.S. government slashed its estimate for first-quarter economic growth on Wednesday, offering a cautionary note on the recovery as the Federal Reserve ponders curtailing its massive monetary stimulus.

Gross domestic product expanded at a 1.8 percent annual rate in the quarter, the Commerce Department said. The economy was previously reported to have grown at a 2.4 percent pace after a gain of just 0.4 percent in the final three months of last year.

Almost all categories were revised lower, with the exception of home construction and government. Economists polled by Reuters had expected GDP growth would be unrevised.

The biggest surprise was consumer spending, which grew at a 2.6 percent pace, not the 3.4 percent rate previously estimated. The revision to consumer spending, which accounts for more than two-thirds of U.S. economic activity, sliced more than a half percentage point off the GDP growth rate.

http://finance.yahoo.com/news/u-first-quarter-growth-cut-131810650.html

Hmmm... I guess consumers stopped spending on food, gas, electric, cell phones, etc. so they could save their money for a down payment on a house...

Comment 1-1 of 1     Last »

1   Bubbabeefcake   2013 Jun 26, 2:08pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Call it Crazy says

Hmmm... I guess consumers stopped spending on food, gas, electric, cell phones, etc. so they could save their money for a down payment on a house...

Comment 1-1 of 1     Last »

Watch comments by email

home   top   users  
housing crash   thunderdome   sexy pix   site suggestions  
best comments   ad hominem comment jail   random post   patrick.net on twitter  
about   contact  
please recommend patrick.net to realtors