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Economic rebound slowed last quarter
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| Contributor | Penn Con |
| Last Edited | Penn Con May 27, 2010 11:23am |
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| Category | News |
| Author | JEANNINE AVERSA |
| News Date | Thursday, May 27, 2010 05:00:00 PM UTC0:0 |
| Description | The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year.
The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete information, also fell short of economists' forecast for stronger growth of 3.4 percent.
The reasons for the small downgrade: consumers spent less than first estimated. Same goes for business spending on equipment and software. And, the nation's trade deficit was a bigger drag on economic activity.
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