The U.S. economy grew at an annual rate of 1.9 percent in the first quarter, slower than the government first estimated. The Commerce Department on Thursday lowered its estimate for January-March gross domestic product (GDP) growth from an initial estimate of 2.2 percent. The downward revision largely was because consumers spent less than first estimated, businesses restocked more slowly, and the U.S. trade deficit grew sharply. Analysts believe the economy is growing at a slightly faster rate this spring, estimating growth at an annual rate of between 2 and 2.5 percent in the April-June quarter. Many expect the economy will maintain that pace for all of 2012, an improvement from the 1.7 growth seen in 2011. Still, growth of 2.5 percent is only enough to keep pace with a rising population. Most economists say it takes nearly twice as much growth to reduce the unemployment rate by 1 percentage point over a year.
