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

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