Economic Growth Slows to a Near Halt

The Commerce Department reported Thursday that gross domestic product increased by just a 0.6 percent pace in the January-through-March period, much weaker than estimated a month ago. In fact, many economists believe the first quarter will probably turn out to be the weakest point for the economy this year. The National Association for Business Economics predicts the economy will expand at a 2.3 percent pace from April through June. If that happens, the economy would have staged a rebound but would still be growing at a pace below its average, which is around 3 to 3.25 percent. Spending by private builders on nonresidential projects and spending by the government on big projects each climbed to all time highs in April but that strength was tempered by continued weakness in residential construction

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