Thursday, May 26, 2011

Consumers hold back growth, rebound seen muted - Yahoo! Finance

Consumers hold back growth, rebound seen muted - Yahoo! Finance: "WASHINGTON (Reuters) - Unexpectedly weak consumer spending hobbled the U.S. economy in the first quarter and fresh signs of a slowdown in job creation mean it will struggle to regain speed.

Data on Thursday showed the economy grew at an annual 1.8 percent rate in the first three months of this year -- unchanged from a preliminary reading and weaker than most forecasts.

Also, the number of Americans claiming unemployment benefits unexpectedly rose last week by 10,000 to 424,000."

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