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The market -- in the meantime the US economy is slowing we learned for the first three months of the year locking just 2.2 percent growth.
So that's down from a 3% growth rate in the previous quarter Peter Barnes is -- digging into the numbers and other a lot of components to the report today mostly bad news a few bright spots Peter what do GC.
-- -- they -- number did come in lower than expected but thank goodness for the consumer who caps spending the consensus estimate was for two and a half percent growth in the first quarter.
And as you mentioned that compared to 3% growth in the fourth quarter last year but it came in at 2.2.
Some economists were actually out there protect predicting another 3% quarter but no.
Because of lower government spending including a sharp 8% drop in defense spending.
And a big drop in business -- investment after the expiration of some tax breaks at the end of 2011 we saw a similar slowdown in growth this time last year and we gas prices high and Europe in recession some economists hope.
That history does not repeat itself.
I think that there -- continues to be this level of uncertainty that continues to sit on everyone's -- -- and I think really until we get beyond that.
-- thing that we definitely risk stalling out as we get into the -- into this summer months.
Consumer spending was stronger than expected up two point 9% the first quarter lot of people out there buying a lot of new cars to replace those -- -- what is David drive it around for so long.
Residential housing construction also popped up as well thank the unseasonably warm weather for that -- Peter Barnes thanks so much that consumer spending component is so important of course we -- know how much of a huge percentage of GDP spending makes up so hopefully this'll be.
This portends -- a good future quarter all right thanks again okay.
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