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May 31st, 2012 
FAKE NEWS for the Zionist agenda The US Commerce Department statement said on Thursday that it lowered its gross domestic product (GDP) estimate for the first quarter of the year to 1.9 percent from an initial estimate of 2.2 percent.
The downward revision has reportedly been largely due to a sharp increase in US trade deficit, decline in private investment and consumer spending, as well as strong rise in imports.
According to the department, business inventories have increased USD 57.7 billion, instead of USD 69.5 billion and consumer spending has grown at a 2.7 percent rate instead of the previously reported 2.9 percent.
The department also added that after-tax corporate profits suffered the biggest decline since the fourth quarter of 2008 and fell 4.1 percent.
The country’s economic growth has been also affected by the rising trade deficits which were due to high spending on foreign-made products rather than the US-made goods.
Some experts say the US economy will witness a slightly faster growth rate in the second quarter this year with an estimated growth rate of 2-2.5 percent.
However, economists believe that it takes almost twice as much growth to lower the unemployment rate by one percent over a year.
TNP/SS
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