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U.S. Economy Grows 0.6% in Q1 2008 May 1, 2008 |
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The U.S. economy grew only 0.6% during January-March 2008. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. The news means that although the economy is stuck in a rut, it is still managing to grow, even if modestly. Many analysts were predicting that the gross domestic product (GDP) would weaken a bit more—to a pace of just 0.5%—in the first quarter.