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First-Quarter GDP Growth Revised Down to 1.8%

Wall Street Journal (06/26/13) Sarah Portlock; Jonathan House

U.S. gross domestic product grew at a 1.8% annual rate in the first quarter, the U.S. Department of Commerce said today. The third estimate for Q1 GDP was below the 2.4% gain estimated by Dow Jones Newswires. The revised figure was due primarily to personal consumption expenditures that declined from a 3.4% gain to a 2.6% gain. Spending on services was weaker than previously estimated.