U.S. Grows at Faster Pace on Consumer Spending

U.S. Grows at Faster Pace on Consumer Spending Play

April 26 (Bloomberg) -- The economy in the U.S. grew at a faster pace in the first quarter, reflecting the biggest increase in consumer spending in two years as households overcame a drop in incomes by putting less money in the bank. Gross domestic product rose at a 2.5 percent annual rate, lower than forecast, after a 0.4 percent fourth-quarter advance, Commerce Department figures showed today in Washington. The median estimate of 86 economists surveyed by Bloomberg called for a 3 percent gain. Betty Liu and Michael McKee report on Bloomberg Television's "In the Loop." (Source: Bloomberg)

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