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Article: Economy still has a kick; Robust consumer spending spurs growth.(NEWS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- April 28, 2001
- Author:
CopyrightCOPYRIGHT 2001 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It might not be golden, but the U.S. economy still has a shine to it.
In the face of falling stock prices, plummeting confidence and rising layoffs, consumers kept the economy out of a recession and growing at an annual rate of 2 percent during the first three months of the year, the Commerce Department reported Friday.
Purchases of automobiles and appliances outweighed a drop in business spending, and the 2 percent rise in gross domestic product (GDP) was twice as fast as growth at the end of last year and faster than most economists predicted.
"There are a lot of things that have hit this economy, and it hasn't caused a recession," said Art ...