By Christopher S. Rugaber, AP Economics Writer. WASHINGTON — The government lowered its estimate of how much the economy grew in the first quarter of the year, noting that consumers spent less than it previously thought.
Gross domestic product rose at a 2.7% annual rate in the January-to-March period, the Commerce Department said Friday. That was less than the 3% estimate for the quarter that the government released last month. It was also much slower than the 5.6% pace in the previous quarter.
George Dagnino, PhD
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