Word from the Commerce Department today is that the economy didn’t grow quite as fast in the first quarter as originally estimated. But that’s no reason to panic. The key word here is “grow.” The economy continues to recover, albeit slowly.
Several bits of good news can be found in the news release from the Bureau of Economic Analysis.
— Automobile manufacturing and computer sales both were up from the fourth quarter.
— Consumer spending rose 3.5 percent, slightly less than originally estimated, but up from 1.6 percent in the 4Q and the strongest showing in three years.
— Corporate America is still making money. Corporate profits increased $81.4 billion, compared to a 4Q increase of $108.7 billion. Still a tidy increase, any way you cut it.
Read the full BEA press release here.