U.S. Growth Slashed

In a report highlighting the still sluggish recovery of the U.S. economy, the Department of Commerce said the U.S. economy grew at a 1.8 percent annual rate in the first quarter, down sharply from the previous estimate of a 2.4 percent rate. Citing lower-than-expected demand across all sectors, excluding home construction and government, the agency said early reports were too optimistic. The good news? The first quarter is so three months ago, and the flow of recent data on housing, consumer confidence, and durable goods orders has been more positive.