US first quarter GDP revised slightly lower; austerity bites

A drop in government spending dragged more on the economy than initially thought in the first three months of the year, a sign of increasing pain from Washington’s austerity drive. The U.S. economy expanded at a 2.4 percent annual rate during the period, down a tenth of a point from an initial e…

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US first quarter GDP revised slightly lower; austerity bites

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