Disappointing GDP Growth Tempered by Decent Auto Sales
Don't get too complacent about economic recovery in the United States, because it's not happening as fast as it was last year, nor even as fast as economists had predicted.
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The gross domestic product expanded at a 2.2 percent annual rate in the first quarter of 2012, which compares dismally with the 3 percent expansion in the fourth quarter of last year, and the 2.5 percent rate predicted by economists, Forbes reports. On the bright side, Reuters notes that consumer spending is up to a 2.9 percent rate of increase. Also, "Americans stepped up spending on automobiles in the first quarter, with motor vehicle sales rising by the most in four years." Hey look at that: Cars are really driving the economy! Sorry.
