Consumer Spending Rebounds

The economy grew at a 3.2 percent pace during the first quarter of this year, according to a Commerce Department estimate released Friday. The GDP growth was driven by the largest boost in consumer spending in three years. The numbers suggest that the U.S. economy is on the mend, although the 3.2 percent growth rate is down, when compared to the 5.6 percent growth enjoyed in the last quarter of 2009. On the other hand, the 3.2 percent growth in GDP was a little under the expected 3.4 percent expansion.