GDP Hurt by Lower Government Spending
Washington, DC, May 30, 2013 -- Falling government spending weighed on the U.S. economy in the first quarter more than initially thought, according to the Commerce Department.
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Gross domestic product expanded at a 2.4% annual rate during the first quarter, down from an initial estimate of 2.5%, the Commerce Department said on Thursday.
Growth was held back as government spending fell across all levels of government and as businesses inventories grew at a slower pace.