The US economy raised at an annualized rate of 1.9% in the first three months of the year, somewhat more rapidly than formerly thought, official figures have shown.
This compares to a 0.5% monthly rise. The last estimate by the Commerce Department showed increase of 1.8%.This contrasts with an annualized rate of 3.1% in the final quarter of 2010.
According to analysts, Soaring unemployment and a weak housing market are dejecting the US economic recovery.
Corporate profits, in particular, were liable for the slowdown from the final quarter of last year.
US GDP is articulated as an annualized rate, which shows what the three months’ economic activity would mean if it passed on for a year.
Detach figures from the Commerce Department showed that orders for heavy contrived goods rose by 1.9% in May as compared with a fall of 2.7% the earlier month.
The rise was greater than analysts had predicted. Analysts suggest that April’s drop was due to provide issues following Japan’s earthquake and resulting tsunami in March.