U.S. economy slows down
The U.S. economy grew more slowly in the first quarter as stronger consumer spending was offset by less government and business spending.
The Commerce Department says the U.S. economy expanded at an annual rate of 2.2 per cent in the January-March quarter, compared with a three per cent gain in the final quarter of 2011.
Consumers spent at the fastest pace in more than a year.
In 2011, the U.S. economy grew just 1.7 per cent but growth is expected to rebound to around three per cent for all of 2012 as stronger job growth spurs increased consumer spending.
More to come