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Economy grew 2.4 percent in first quarter

The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated.

By Martin Crustsinger | Updated on May 30, 2013
A crane removes a container from a ship at the Port of Baltimore's Seagirt Marine Terminal in Baltimore. (AP Photo/Patrick Semansky, File)

WASHINGTON — The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated. Consumer spending was stronger than first thought, but businesses restocked more slowly and state and local government spending cuts were deeper.

The Commerce Department said Thursday that economic growth in the first quarter was only marginally below the 2.5 percent annual rate the government had estimated last month. That’s still much faster than the 0.4 percent growth during the October-December quarter.

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