The US Commerce Department said today that the economy grew by 3.2 percent during the first quarter. The growth was due mostly to a 3.6 percent increase in consumer spending – the largest jump in spending in three years.
The outlook for the rest of the year continues to be for “moderate” growth. For this reason, expectations remain muted for a significant improvement in unemployment which will likely remain in the 9 percent range for the remainder of the year.
Source: Associated Press
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