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U.S. Growth Trails Forecasts

Fourth-quarter GDP rose 2.5% as decline in defense outlays undercut gain in consumer spending.

By Shobhana Chandra, Bloomberg | Updated on April 26, 2013

The U.S. economy grew less than forecast in the first quarter as a drop in defense outlays undercut the biggest increase in consumer spending in two years.

Gross domestic product rose at a 2.5 percent annual rate, lower than forecast, after a 0.4 percent fourth-quarter advance, Commerce Department figures showed today in Washington. The median estimate of 86 economists surveyed by Bloomberg called for a 3 percent gain. Consumer spending, the biggest part of the economy, climbed by the most since the fourth quarter of 2010.

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