U.S. Economy Grew at a 3.2% Annual Rate in First Quarter

The United States economy continued to expand in the first
quarter, but economists cautioned that the pace of growth is
still not nearly fast enough to recover ground lost during
the recession.

National output grew at a seasonally adjusted annual rate of
3.2 percent last quarter, after growth of 5.6 percent in the
fourth quarter of 2009 and 2.2 percent in the third quarter.

The steady growth has quelled fears that the downturn is not
quite over. Consumers were a major contributor to the
expansion last quarter. Consumer spending grew at an annual
rate of 3.6 percent in the first part of the year, after
growing at an annual rate of 1.6 percent in the previous
three months.

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