Consumers Help Drive U.S. Economy to 3.2% Growth Rate

For the third quarter in a row, the United States economy showed strong economic growth, and increased consumer spending played a significant role, the Commerce Department reported on Friday.

The broadest measure of the overall economy grew at a seasonally adjusted annual rate of 3.2 percent in the first quarter of 2010, after gains of 5.6 percent in the fourth quarter of 2009 and 2.2 percent in the third quarter.

While the expansion in output was welcome, it still has not brought the level of hiring growth needed to recover ground lost during the recession.

Speaking in the White House Rose Garden, President Obama acknowledged that many Americans might find little comfort in Friday’s numbers because “ ‘you’re hired’ is the only economic news they’re waiting to hear.”

Read Full Article from New York Times

- Posted: 2010-04-30 13:13:50

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