WASHINGTON — The U.S. economy's slowdown in growth at the beginning of the year wasn't quite as bad as first thought, thanks to a bigger boost from housing and less drag from business investment and trade.
The gross domestic product, the broadest measure of economic output, grew at an annual rate of 0.8 percent in the first quarter, the Commerce Department said Friday. That's slightly better than the initial estimate of 0.5 percent but is still the weakest pace in a year.
It was the second lackluster quarter in a row, following a modest 1.4 percent gain in the fourth quarter. At the beginning of this year, the economy was held back by turbulence in financial markets and global economic problems.
Economists are forecasting a rebound in the current quarter to growth of around 2 percent. They expect employers to keep adding jobs at a solid pace, which in turn should support increased consumer spending.
Read Saturday's Arkansas Democrat-Gazette for full details.