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U.S. first-quarter GDP growth stays at 1.9%
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| Contributor | Scott³ |
| Last Edited | Scott³ Jun 28, 2012 05:05pm |
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| Category | News |
| Author | Jeffry Bartash |
| News Date | Thursday, June 28, 2012 11:00:00 PM UTC0:0 |
| Description | "The U.S. economy’s growth rate was unchanged in the first quarter at 1.9%, but corporate profits fell for the first time in four years while expansion in exports was much smaller than originally estimated, the government said Thursday.
For the most part, the Commerce Department’s third and final review of first-quarter gross domestic product was little changed. The data show an economy that slowed noticeably from the 3.0% growth rate at the end of 2011, with few signs of momentum heading into the second quarter of an election year.
The biggest revisions took place in corporate profits, exports and imports.
Profits of U.S. companies, originally estimated to have risen $11.4 billion, actually fell $6.4 billion, based on more complete data drawn from private-sector and government sources. It was the biggest decline since the third quarter of 2008.
By contrast, corporate profits rose $16.8 billion in the fourth quarter." |
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