Gross Domestic Product Pulls Up Slightly
Posted on: Wednesday, 30 April 2008, 12:00 CDT
Advanced figures on the first quarter gross domestic product released Wednesday indicate the U.S. economy is just above the level of recession, officials said.
The gross domestic product advanced 0.6 percent on positive contributions from personal spending, exports of goods and services and federal spending, the Bureau of Economic Analysis said.
The overall increase -- a tentative figure that could be revived -- matches the modest growth in the fourth quarter of 2007, the report said.
Computer sales added 0.12 percent point to growth, while motor vehicle production subtracted from growth by 0.3 percentage point.
Imports, which subtracts from the gross domestic product, increased during the quarter, the report said.
Prices in the United States increased 3.5 percent compared with an increase of 3.7 percent in the fourth quarter.
Core prices, which exclude food and energy prices, rose 2.2 percent after an increase of 2.3 percent in the fourth quarter, the report said.
Source: United Press International
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