1.
U.S. markets recover from steep losses
WASHINGTON, June 25 (UPI) -- The U.S. Commerce Department Friday lowered its estimate for first-quarter economic growth for the second consecutive month.
A month ago, the gross domestic product was revised from 3.2 percent growth compared to the fourth quarter, to 3 percent. On Friday, the figure was lowered to 2.7 percent.
The latest estimate is considered final, based on a more complete set of available data.
Similar to a month ago, the new revision includes a drop in the previous estimate on consumer spending, which grew 3 percent, a drop from the previous month's 3.5 percent estimate and the original estimate of 3.6 percent.
Consumer spending accounts for about 70 percent of the GDP.
Long-term estimates peg U.S. GDP growth at around 2.8 percent this year. In the fourth quarter, the economy grew at a rate of 5.6 percent.
|
|
|
|
|
|
| Additional Business News Stories | |
JAKARTA, May 24 (UPI) --
Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
|
LISLE, Ill., May 24 (UPI) --
A new special operations tactical vehicle has been unveiled by three U.S. companies.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
