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Excerpt from www.washingtonexaminer.com
The economy expanded at a 1.3% seasonally adjusted annual rate in the first quarter of this year, the Bureau of Economic Analysis reported Thursday in a downward revision.
Economists had expected a slight downward revision in the second update, with the consensus forecast expecting GDP growth to be pruned to 1.2%. First-quarter GDP has fallen three-tenths of a percentage point since the preliminary report.
The latest update, the second of three, shows that first-quarter GDP growth was lower than the preceding quarter’s 3.4% clip.
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