The economy lost steam in the first quarter, as onetime engines of growth sputtered and robust consumer spending was unable to propel the recovery on its own.
Gross domestic product, the broadest measure of all goods and services produced in the economy, grew at an annualized rate of 2.2% in the first quarter, down from 3% at the end of 2011, the Commerce Department said Friday. The deceleration reflected sharp cutbacks in government spending and weaker business investment and came despite an unusually warm winter, which many economists said likely provided a mild economic boost.
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Filed under: * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life Housing/Real Estate Market Labor/Labor Unions/Labor Market The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government
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