Posted 3 hours 26 minutes ago
Updated 3 hours 18 minutes ago
The US economy expanded at a sluggish 0.6 per cent annual pace in the first quarter, the government said in its first estimate of gross domestic product (GDP).
The Commerce Department report was slightly better than expected and came amid fears that the world's biggest economy might be headed for recession, generally defined as two consecutive quarters of declining activity.
The 0.6 per cent growth rate was the same as in the fourth quarter of 2007.
Despite a better-than-expected first-quarter performance, details of the report reflect widespread weakening that many analysts fear will lead to a recession.
The GDP figures are an initial measure of first-quarter performance and will be revised twice in coming months.
The report was issued just before Federal Reserve policy-makers began a second day of deliberations that is expected to result in a decision to trim official interest rates another quarter percentage point to try to keep expansion going.
-AFP
Source: http://www.abc.net.au/news/stories/2008/04/30/2232095.htm 
