US economic growth revised down to 2.2 percent rate in Q1

By MARTIN CRUTSINGER

Published May 30, 2018

The U.S. economy grew at a weaker 2.2 percent annual rate in the first three months of the year, as consumers and businesses slowed their spending. But given the economy's recent performance, analysts are still looking for a solid rebound in the current quarter.

The Commerce Department says growth in the gross domestic product, the economy's total output of goods and services, came in slightly below its first estimate last month of 2.3 percent in the January-March period. Growth in the April-June period is expected to strengthen to around 3 percent.

The Trump administration is projecting that its economic policies will keep growth at rates of 3 percent or better in coming years.

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