Bloomberg: U.S. Economy: First Quarter May Have Been Low Point (Update2)

By Shobhana Chandra
May 31 (Bloomberg) -- The U.S. economy grew last quarter at the slowest pace in more than four years, a 0.6 percent annual rate that may prove to have been the low point of the expansion.
The gain in gross domestic product, announced by the Commerce Department today in Washington, was lower than the 0.8 percent rate economists had forecast, and less than the government's previous 1.3 percent estimate. A private report from Chicago today showed a jump in business activity, while figures since the March 30 end of the quarter show a rebound in corporate spending and consumer confidence.
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