US economy grows 1.8% in Q1

The U.S. economy grew at an annual rate of 1. 8 percent in the first three months of this year, a much slower pace than projected due to curtailed consumer spending, according to a report released Wednesday by the Commerce Department. The U.S. Gross Domestic Product (GDP), the broadest measure of economic activity was downwardly revised from the 2.4 percent pace initially reported last month. Despite the revision, the pace was 0.4 percent faster than the last three months of 2012, according to the figures reported by the Commerce Department. Consumer spending, which makes up roughly two-thirds of the nation's GDP, rose at a 2.6 percent annualized pace, down from the 3.4 percent pace initially reported. Analysts projected the growth between April through June would be two percent or less, and expect GDP growth to strengthen in the last six months of the year.