Consumer Spending Slip Sends US GDP Down

Jeff J Mitchell/Getty The Commerce Department on Wednesday revised the US economy's growth in the first quarter slightly lower, with consumer spending contributing less than previously reported. Gross Domestic Product (GDP) grew at an annualized rate of 2.2%, slowing from 2.9% in the fourth quarter. Consumer spending, the biggest contributor to the economy, slowed after a surge that was partly caused by people replacing property destroyed in the summer hurricanes.