GDP growth slows in first quarter
WASHINGTON -- The economy grew at a slower pace than forecast in the first quarter as government spending declined by the most since 1983.
Gross domestic product rose at a 1.8 percent annual rate from January through March after a 3.1 percent pace in the last three months of 2010, the Commerce Department said Wednesday. Economists had projected 2 percent growth.
To keep spurring the expansion, Federal Reserve policy makers said Wednesday they'll complete their $600-billion round of stimulus through June.
While slower than the previous three months, a reflection of higher gasoline prices, consumer spending climbed more than projected in the first quarter.
For all of 2010, the U.S. economy grew 2.9 percent, the most in five years.-- Bloomberg News
'The strategy that I'm seeing ... is very chaotic' A Newsday review of court records sheds new light on ICE's Long Island operation and where it's happening. NewsdayTV's Ken Buffa, Shari Einhorn, investigative reporter Josefa Velásquez and attorney Reuben Kerben break it down.
'The strategy that I'm seeing ... is very chaotic' A Newsday review of court records sheds new light on ICE's Long Island operation and where it's happening. NewsdayTV's Ken Buffa, Shari Einhorn, investigative reporter Josefa Velásquez and attorney Reuben Kerben break it down.
