NPR : News

Revised GDP Numbers Weaker Than Projected

The nation's gross domestic product, the output of goods and services produced within the U.S., grew at a rate of 1.8 percent in the first quarter of this year, according to the Commerce Department's Bureau of Economic Analysis. That's a downward revision from the 2.4 percent rate previously reported.

USA Today points out that "the biggest change was a cut in the government's estimate of consumer spending growth, which dropped to 2.6% from 3.4% growth."

People spent less on services such as personal care, travel and legal services, according to Bloomberg.

Consumers took a big hit in the pocketbook as of Jan. 1: That's when a 2 percent increase in the payroll tax took effect, and people appear to have spent less after that. As CNN Money notes, consumer spending makes up about two-thirds of the economic activity in the GDP, so the figure is closely watched.

The Commerce Department regularly revises its GDP figures, and the first-quarter revision released today is the third one this year.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

Tabasco And Beer-Flavored: Not Your Easter Bunny's Jelly Beans

On the eve of Easter and National Jelly Bean Day, let us probe the mysterious origins and unexpected ascendency of the humble candy. And to celebrate, we've sampled Jelly Belly's newest flavors.
NPR

Tabasco And Beer-Flavored: Not Your Easter Bunny's Jelly Beans

On the eve of Easter and National Jelly Bean Day, let us probe the mysterious origins and unexpected ascendency of the humble candy. And to celebrate, we've sampled Jelly Belly's newest flavors.
NPR

Obama's Favorite County — At Least When It Comes To Giving Speeches

The president has visited Prince George's County, Md., four times this year. It is the most affluent county with an African-American majority. It also happens to be very close to the White House.
NPR

Why Did Vanity Fair Give 'Belfies' A Stamp Of Approval?

"Selfie" may have been the 2013 word of the year. But "belfies," or "butt selfies" are now in the spotlight. We learn more about why they earned a fitness model a spread in Vanity Fair magazine.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.