First Quarter GDP Unchanged in Final Reading

Washington, DC, June 28, 2012 — Growth of the U.S. economy slowed as expected in the first quarter, according to the Commerce Department.

Gross domestic product increased at a 1.9% annual rate, unchanged from the prior estimate.

However, when measured from the income side, the economy grew at a 3.1% pace in the first quarter, up from 2.6% in the previous quarter.

GDP growth in October-December period was 3.0%.

Consumer spending, which accounts for about 70% of U.S. economic activity, increased at a 2.5% rate in first quarter, rather than the previously reported 2.7% pace.