The US economy grew at an annualised pace of 1.8% in the first quarter of 2013, sharply below an earlier estimate of 2.4%. The pace of the consumer spending, which account for about two-thirds of the US GDP, fell from an earlier estimate of 3.4% to 2.6%. Federal government spending declined at an annualized rate of 8.7% in the first quarter of 2013, compared with a 14.8% contraction in the fourth quarter of 2012. Consumer spending might have been hampered by the increase in payroll taxes and automatic across-the-board spending cuts, known as sequestration. More on globalopinion.pl
Posted on: Sun, 30 Jun 2013 08:40:01 +0000
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