Tagged: Economic Numbers

The U.S. economy lost some steam during the first three months of the year. The Commerce Department said Friday that growth slowed to just 2.2 percent, down from 3 percent at the end of last year.

The good news was that the economy continued to grow during the first quarter of the year. But anyone who was waiting for growth to kick into a higher gear was disappointed once again. One reason for that was a slowdown in business investment — companies spent less on new equipment and software even though profits were surprisingly strong.

The U.S. economy grew at a 2.2 percent annual rate in the first quarter of the year, according to the Bureau of Economic Analysis.

That's down from the 3 percent pace in fourth-quarter 2011, but is still better than the 1.7 percent growth for all of last year.

The first-quarter figure will be revised twice, in each of the next two months.

We'll have more about the report shortly.

Update at 8:47 a.m. ET. Behind The Numbers:

There were 388,000 first-time claims for jobless benefits last week, down just 1,000 from the week before, the Employment and Training Administration just reported.

And in another sign that the labor market's recovery remains sluggish, the agency said "the 4-week moving average was 381,750, an increase of 6,250 from the previous week's revised average of 375,500." That measure is said by economists to be a better gauge of the underlying trend in claims.