Wall Street Journal (04/26/13) Eric Morath; Sarah Portlock
The U.S. economy grew at a faster pace in the first quarter, reflecting the biggest increase in consumer spending in two years as households overcame a drop in incomes by putting less money in the bank. Gross domestic product rose at a 2.5% annual rate, lower than forecast, after a 0.4% fourth-quarter advance, the U.S. Department of Commerce figures showed today. Economists surveyed by MarketWatch had forecast growth to rise to 3.2%. Government spending fell sharply again and imports surged to act as drags on economic growth.
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