http://www.cbc.ca/story/business/national/2005/06/29/useconomy-050629.htmlThe U.S. economy grew at an annual rate of 3.8 per cent in the first quarter of 2005, exceeding initial estimates, the U.S. Commerce Department reported Wednesday.
The gross domestic product figure was better than the 3.5 per cent annual rate that the government released a month ago.
Prior to the release of Wednesday's report, economists had been expecting annual growth of 3.7 per cent for the January-March quarter.
Gross domestic product is the broadest measure of economic activity in goods and services.
The Commerce Department said higher spending on housing projects, more business investment in equipment and software, and a smaller U.S. trade deficit helped boost GDP.
Consumer spending grew at an annual rate of 3.6 per cent in the first quarter, down from 4.2 per cent growth in the fourth quarter. Consumer spending is closely watched because it accounts for roughly two-thirds of U.S. economic activity.
