Economy slowed more than estimated during the first quarter

The U.S. economy slowed more during the first quarter than previously estimated, according to The Washington Post.

The economy contracted at an annual rate of 1 percent from January through March, which is worse than the government's initial estimate of a 0.1 percent increase. The economy last posted a decline in the first three months of 2011 when it dropped 1.3 percent.

The harsh winter weather was the cause of the decline; however, it is viewed as a temporary setback as spring and summer arrive. Consumer spending reportedly is solid and manufacturers are benefiting from increased spending, so economists expect a rebound of about 3.8 percent in the April-June quarter as a result.

Economists also are optimistic that growth will remain above 3 percent for the rest of the year.

Date : 6/1/2014