09:40 ET<\/span><\/span><\/p>\nUS economic growth slowed in the first three months of 2011 to an annualised rate of 1.8%, corresponding to a 0.4% quarterly increase.<\/p>\n
This compares with an annual GDP rate of 3.2% from the Commerce Department in the previous quarter.<\/p>\n
US GDP is expressed as an annualised rate, or annual pace, which shows what the three months’ economic activity would mean if it carried on for a year.<\/p>\n
The figure is a first estimate, and could be revised either up or down.<\/p>\n
Economic growth has been hampered by high energy prices which have weakened consumer spending.<\/p>\n
Consumer spending fell to 2.7% from 4% in the previous quarter.<\/p>\n
Analysts said that although the GDP data was disappointing, it was not unexpected after the federal government slashed defence spending and heavy winter weather delayed construction projects.<\/p>\n
Consumption crimped<\/span><\/p>\n“It’s very much in line with consensus. The underlying components were a little better than what I had expected. The biggest factor was weather. It hurt consumption and construction,” said Stephen Stanley of Pierpont Securities.<\/p>\n
“Energy also hurt consumption as well. Higher gasoline prices took a bigger bite out of people’s budget.”<\/p>\n
On Wednesday, the Chairman of the Federal Reserve Ben Bernanke said that the struggling housing market would continue to weigh on the US economic recovery.<\/p>\n
He pointed out that home building and commercial construction were both “very weak” in the first quarter.<\/p>\n
The Federal Reserve has cut its economic growth forecast for this year, citing weaker growth for the first quarter.<\/p>\n
However, Mr Bernanke also said that he believed the elements leading to weaker economic growth would lessen throughout the year.<\/p>\n
“Most of the factors that account for the slower growth in the first quarter appear to us to be transitory,” he added.<\/p>\n
The Fed now expects growth for 2011 to be between 3.1% and 3.3%.<\/p>\n<\/div>\n
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