(Washington, DC) -- The new GDP numbers aren't meeting expectations. The Commerce Department says the country's gross domestic product rose 2.5% in the first quarter after nearly stalling at zero-point-four percent in the fourth quarter of 2012. Economists were expecting a three-percent growth in GDP. The first-quarter result is largely due to a drop in defense spending. Consumer spending had its biggest jump in two years.
Consumers spent more on auto purchases and utility payments despite the return of a higher payroll tax and increased gas prices. Analysts are worried deep government spending cuts and higher taxes could impact the slow economic recovery in the coming months.
Join Mike & Mindy for “Animal House” every Wednesday at 8:40am for the
Pet of the Week!
The animals come from:
The South Animal Care and Adoption Center 253-6608 Website
Central Brevard Humane Society 636-3343 Website