MarketWatch (05/31/12) Greg Robb
The U.S. Department of Commerce estimated today that the economy grew at a 1.9% pace in the first quarter, slower than the 2.2% rate initially reported. The figures are seasonally adjusted and adjusted for price changes. The revisions come from more complete data than were available at the first estimate. Economists surveyed by MarketWatch had been expecting a downward revision to 1.8%.
Economists are forecasting slightly stronger growth—about 2.2% on an annualized basis—in the second quarter ending June 30. The economy is slowly improving, analysts said, but remains held back by too much consumer indebtedness.