Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

U.S. economy's growth revised lower

By Aaron Smith, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- The economy grew in the first quarter, but not quite as much as originally reported, the government said Thursday.

The gross domestic product, the broadest measure of the economy, rose at an annual rate 3% in the first three months of 2010, the Commerce Department said.

The figure was less than the initially reported GDP rise of a 3.2% annual rate, which the government announced on April 30.

It was also less than economists were expecting. The revised GDP was forecast to have risen at a 3.3% rate in the first quarter, according to a consensus of economist opinion from Briefing.com.

The Commerce Department said personal spending, investment and export activity were fueling the economy. However, the government said these gains were offset by "negative contributions from state and local government spending and residential fixed investments," as well as increases in import activity. To top of page

Search for Jobs

Index Last Change % Change
Dow 20,992.88 228.99 1.10%
Nasdaq 6,015.58 31.76 0.53%
S&P 500 2,387.31 13.16 0.55%
Treasuries 2.31 0.03 1.50%
Data as of 10:56am ET
Company Price Change % Change
Bank of America Corp... 24.14 0.51 2.16%
Express Scripts Hold... 59.95 -7.30 -10.86%
Freeport-McMoRan Inc... 13.30 1.07 8.75%
Chesapeake Energy Co... 5.40 0.02 0.37%
General Electric Co 29.53 -0.02 -0.07%
Data as of 10:40am ET
Sponsors

Sections

The Nasdaq, home to Apple, Amazon, Facebook, Google and other big tech stocks, has hit the 6,000 mark -- more than 17 years after it topped 5,000 for the first time. Innovation and hopes for Trump tax reform have fueled the recent surge. More

President Trump wants to be coal country's savior. But an in-depth analysis by Columbia University warns that Trump's regulation-busting is unlikely to spark a coal renaissance. More

Marissa Mayer, who has failed to turn Yahoo around in five years as CEO, will walk away with $186 million after its sale to Verizon. More

Don't panic if your child didn't get the big scholarship you'd hoped for. Here are seven other ways to lower the cost of college. More