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Economic Bad News

Mike

Well-known member
U.S. gross domestic product -- the country's total economic output, in other words -- grew at a 1.8 percent annualized rate in the first quarter of 2013.

That's 25 percent slower than experts first thought. On Wednesday, the Bureau of Economic Analysis revised its GDP estimate for the first quarter, a typical exercise.

The BEA blamed the downward revision on personal consumption expenditures. That is, once all the data was reviewed, experts found that consumer spending did not grow as quickly as was first thought.
 
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