6/24/2011 10:30:00 AM
The U.S. economy rose at a 1.9% annual rate in the first quarter, the Commerce Department said Friday, boosting an earlier estimate.
The gross domestic product growth rate followed a 3.1% fourth-quarter pace and matched economistsâ€™ estimates, Bloomberg reported.
The government last month estimated first-quarter growth at 1.8% and this latest estimate is the third and final for the quarter.
Consumer spending, which accounts for about 70% of the economy, rose at a 2.2% rate, the same as initially reported, ommerce said.
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