MW: U.S. 1Q GDP rises 3.2% as consumers lead the way
By Rex Nutting
WASHINGTON (MarketWatch) - U.S. consumer spending rose at the fastest rate in three years in the first quarter, powering the economy to a 3.2% growth rate, the Commerce Department estimated Friday. The 3.2% increase in real seasonally adjusted gross domestic product was exactly as expected by economists surveyed by MarketWatch. In the first quarter, private domestic demand was the main engine of growth. Consumer spending rose at a 3.6% annual rate, while business investments in equipment and software increased at 13.4% pace. Final sales to domestic purchasers increased at a 2.2% rate, up from 1.4% in the fourth quarter.
