Economy grows by only 0.6 percent
The bruised economy limped through the first quarter of this year at only 0.6 percent as housing and credit problems forced people and businesses alike to hunker down.
The country’s economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported today. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy.
Analysts were predicting that the gross domestic product would weaken a bit more in the first quarter. Earlier this year, some economists thought the economy would lurch into reverse during the opening quarter. Now, they say they believe that will likely happen during the current April-to-June period.
