Economy: May 4, 2001
The gross domestic product grew by 2.0 percent in the first quarter of 2001, according to the U.S. Department of Commerce; the increase is twice as fast as analysts had forecast; meanwhile consumer spending exceeded expectations in March with a 0.3 percent increase over the 0.2 percent increase in February, according to the Commerce Department; spending on durable goods dropped 1.1 percent in March while spending on nondurable goods—including clothing—remained unchanged after a 5.0 percent drop in February.
