Reflecting ongoing weakness, the U.S. economy grew 0.6 percent in first quarter 2008, mirroring the previous quarter according to the U.S. SBA’s Office of Advocacy 1st Quarter Economic Indicators. Consumer spending rose 1 percent on an annual basis, the slowest rate since second quarter 2001.Unemployment was slightly higher than in previous months at 5.1 percent in March. On the positive side, real exports benefited from a weaker dollar with annualized growth of 5.5 percent for the quarter and 9.5 percent year to year. Both the small business optimism index from the National Federation of Independent Business (NFIB) and the University of Michigan consumer sentiment index fell to their lowest in March 2008.
Quarterly Indicators: The Economy and Small Business.
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