The U.S. economy grew by 0.6% in the first quarter, its slowest pace in more than four yearsÌý and less than initially estimated, the Commerce Department said Thursday.
The first-quarter gross domestic product growth rate was originally estimated by the government in April at 1.3%, following a 2.5% rate in the fourth quarter of 2006. Ìý The growth rate fell short of the 0.8% predicted by analysts, Bloomberg reported.
Consumer spending, which accounts for about two-thirds of GDP, expanded at an annual rate of 4.4% in the quarter, up from an originally estimated 3.8%.
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