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Wednesday, Nov 29, 2023

US economy logs better but still subpar growth

WASHINGTON — The economy turned in a better — but still subpar — performance in the first three months of this year, mostly spurred by stronger sales of U.S. products overseas. The 1 percent annualized increase in gross domestic product, announced by the Commerce Department on Thursday, marked a slight improvement from the government’s previous estimate of 0.9 percent growth for the January-to-March quarter. And, it showed the economy logging stronger growth than the feeble 0.6 percent pace registered in the final three months of last year. Still, the first quarter’s performance pointed to a fragile economy, shaken by housing, credit and financial debacles. That has made people and businesses more cautious in their spending and investment, restraining overall economic activity. More normal growth would be along the lines of a 2.5 percent to 3 percent pace, analysts said. For the full story visit http://www.latimes.com/business/la-fi-gdp27-2008jun27,0,3654841.story

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