Economy Grew 0.6% in 1st Quarter Despite Weak Consumer Spending

The U.S. economy crawled a second quarter in a row during early 2008, restrained by a sick housing sector, weak consumer spending, and a pullback in business spending.

Gross domestic product rose at a seasonally adjusted 0.6% annual rate January through March, the Commerce Department said Wednesday in the first estimate of first-quarter GDP. Rising inventories, likely an unintended buildup that could come back to haunt the economy, helped prevent a slump.

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- Posted: 2008-04-30 08:45:08

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