U.S. economic growth revised down to 2.7%

Final estimate of first-quarter GDP shows a sluggish recovery


msnbc
WASHINGTON - U.S. economic growth was slower than previously estimated in the first quarter as estimates of business and consumer spending were cut, according to government data on Friday.

In its final estimate, the Commerce Department said gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace it reported last month.

Although the growth pace was below market expectations for a 3 percent rate, it still marked three straight quarters of expansion as the economy digs out of its most brutal downturn since the 1930s.

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