Posted by
Defend America on Friday, April 30, 2010 6:42:47 PM
Economy grows at 3.2% rate in first quarter
Washington Post Staff Writer
Friday, April 30, 2010; 11:51 AM
The U.S. economy grew at a 3.2 percent annual rate in the first three
months of the year, evidence that the economic recovery continues to
plug along but that growth is not accelerating in a way that would
bring down joblessness rapidly.
The first-quarter gain in gross domestic product represents a
deceleration from the 5.6 percent pace of growth in the final months of
2009, and is a bit below the 3.5 percent growth analysts were
forecasting.
The growth in gross domestic product, the broadest measure of
economic activity, was driven by a 3.6 percent rise in personal
consumption expenditures. That is the largest component of GDP and
suggests that American consumers are gradually coming out of their
shells and returning to stores following the recession that probably
ended last year.
"We're heading in the right direction. We're moving forward. Our
economy is stronger," President Obama said during an appearance at the
White House with workers and business leaders. However, he acknowledged
that the nation's grudging recovery has not reached the point where all
the damage of the downturn has been repaired.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/30/AR2010043001041.html?hpid=topnews