WASHINGTON — The nation's gross domestic product grew 2.8% during the first quarter, down from the initial estimate of 3.3%, the Commerce Department reported today.
The revision to the figure–which is the total output of goods and services –was a result of fewer consumer purchases than the department originally estimated.
The department attributes the GDP growth to increases in exports and accelerated consumer and government spending. Some of the consumer spending was fueled by the government's economic stimulus checks, most of which were sent out by the government during the second quarter.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
