The U.S. economic recovery slowed in the first three months of the year, with growth falling to an annual rate of 2. 2 percent, as government spending declined and businesses invested less, the Commerce Department said Friday.Read the rest here.
The number fell below expectations. The economy had been growing at a rate of 3 percent in the last three months of 2011, and economists had been anticipating growth of 2.5 percent or more, surveys showed.
The report on gross domestic product, the value of all goods and services produced in the United States, is one of the most closely watched measures of the economy, particularly in an election year. Friday’s announcement — of growth, but not rapid growth -- will likely be addressed by both presidential campaigns.