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The US economy slowed down to an annualized
growth rate of 1.9 percent in the first quarter of 2012, the
Commerce Department said Thursday.
It was confirming a preliminary estimate made in May, which also
stood at 1.9 percent.
In the final quarter of 2011, the growth rate was a strong 3 per
cent, on the back of increases in private consumption and efforts by
companies to restock inventories.
The drop underlines the challenge faced by President Barack Obama
as he strives for another term in November elections. Republican
rival Mitt Romney has focused his attacks on Obama's handling of the
struggling economy.
