Economy grows at 3.2% pace in first quarter

[harry_pothead]

Source: http://www.msnbc.msn.com/id/36867367/ns/business-stocks_and_economy/

WASHINGTON - The economy grew at a solid 3.2 percent pace during the first quarter of this year as consumers boosted their spending by the most in three years.

The Commerce Department's initial estimate of the economy's performance in the January-to-March quarter, released Friday, provided more evidence that the economy is strengthening. It marked the third straight quarterly gain as the United States heals from the longest and deepest recession since the 1930s. Still, growth was weaker than in the fourth quarter of last year, when the economy grew at 5.6 percent.

White House economic adviser Christina Romer said Friday the GDP data show important signs of continued U.S. economic recovery, but it will take more time to return to full economic health and full employment. "Given the severity and depth of the recession, it will take a number of quarters of robust growth and strong employment gains to return the economy to full health and full employment," she said in a post on the White House blog.

Consumers rebounded and powered the first-quarter's growth. They increased their spending at a 3.6 percent pace, the strongest showing since early 2007 — before the economy tipped into a recession. That marked a big improvement from the fourth quarter when consumer spending grew at a lackluster 1.6 percent pace.

Read more: MSNBC

[David__77]

1. Good news.

Let's hope it keeps up.

[yellowcanine]

2. Obama's stimulus made things worse so STOP SAYING THAT!