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US economy grew 2.4 percent in January-March quarter, helped by strong consumer spending

The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated. Consumer spending was stronger than first thought, but businesses restocked more slowly and state and local government spending cuts were deeper.

The Commerce Department says economic growth in the first quarter was only marginally below the 2.5 percent rate originally estimated. That's still much faster than the 0.4 percent growth during the October-December quarter.

Economists believe growth is slowing to around a 2 percent rate in the April-June quarter, as the economy adjusts to federal spending cuts, higher taxes and further global weakness. Still, many say the decline may not be as severe as once thought because solid hiring, surging home prices and record stock gains should keep consumers spending.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.94% up 3.93%  
15 Y Fixed Graph 3.03% -- 3.03%  
30 Y Fixed Jumbo Graph 4.17% up 4.13%  
5/1 ARM Graph 3.33% up 3.27%  
5/1 Jumbo ARM Graph 3.12% up 3.09%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.31%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.48% dw 4.50%  
$75K Loan Graph 4.50% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% dw 2.94%  
36 M Used Graph 3.48% up 3.46%  
48 M New Graph 3.22% dw 3.23%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.72% up 0.71%  
5 yr Graph 1.50% dw 1.52%  

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