WASHINGTON (AP) -- The U.S. economy grew at an annual rate of 1.9 percent in the first three months of the year, slower than first estimated.
The Commerce Department says the downward revision from an initial estimate of 2.2 percent growth in the January-March quarter was largely because consumers spent less than first estimated, business restocked more slowly, and the U.S. trade deficit grew sharply.
Analysts believe the economy is growing at a slightly faster rate this spring. They estimate growth at an annual rate of between 2 percent and 2.5 percent in the April-June quarter. Many expect the economy will maintain that pace for all of 2012. That would represent an improvement from last year's anemic 1.7 percent growth.