<b>Economic growth slowest in 4 years<b>
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Economic growth slowest in four years
Latest reading shows just 1.3% growth, far less than forecasts, hurt by weakness in housing, business spending.
NEW YORK (CNNMoney.com) -- Economic growth sank to the slowest pace in four years in the first quarter, the government reported Friday, as the weak housing market, coupled with higher prices, took a big bite out of the world's largest economy.
While a slowdown had been expected, the reading came in far weaker than most economists' forecasts. Sluggish spending by businesses was another culprit.
"We are seeing housing affecting consumers," said Michael Strauss, chief economic for Commonfund, an asset manager serving not-for-profit clients. "We're seeing a major drag on discretionary spending."
......
http://money.cnn.com/2007/04/27/news/economy/gdp/index.htm?postversion=2007042712
Latest reading shows just 1.3% growth, far less than forecasts, hurt by weakness in housing, business spending.
NEW YORK (CNNMoney.com) -- Economic growth sank to the slowest pace in four years in the first quarter, the government reported Friday, as the weak housing market, coupled with higher prices, took a big bite out of the world's largest economy.
While a slowdown had been expected, the reading came in far weaker than most economists' forecasts. Sluggish spending by businesses was another culprit.
"We are seeing housing affecting consumers," said Michael Strauss, chief economic for Commonfund, an asset manager serving not-for-profit clients. "We're seeing a major drag on discretionary spending."
......
http://money.cnn.com/2007/04/27/news/economy/gdp/index.htm?postversion=2007042712
작성일2007-04-27 21:53
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