GDP Grew More Than First Thought, Increasing 0.9%

May 29, 2008

WASHINGTON -- The economy plodded ahead at a 0.9 percent pace in the first quarter -- slightly better than first estimated -- but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.

The new reading on gross domestic product, released by the Commerce Department on today, was an improvement from the government's initial growth estimate for the January-to-March quarter as well as the economy's performance in the final quarter of last year. Both periods were pegged at a 0.6 percent growth rate.

Gross domestic product, or GDP, measures the value of all goods and services produced within the United States.

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