“U.S. exports and consumer spending were weaker in the first three months of the year than previously thought, but business spending was higher, new data show.
Separately, the number of U.S. workers filing initial applications for unemployment benefits fell just slightly last week but remained high, signaling muted jobs growth.
The Commerce Department confirmed Thursday its previous estimate that the nation’s gross domestic product–the value of all goods and services produced in the U.S.–grew at an annual rate of 1.9% in the first quarter. That was down from a 3.0% rate in the fourth quarter of 2011.”
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