FromYahooNews:ThankstoGeorgeWtheEconomySlowstoWorstShowinginFourYears

WASHINGTON-Economicgrowthskiddedtoanearhaltinthefirstquarter,withtheworstshowinginmorethanfouryearsraisingconcernsabouthowlongthecountry'ssluggishspellwilllast.

ThecommercedepartmentreportedThursdaythatgrossdomesticproductincreasedbyjusta0.6percentpaceintheJanuary-through-Marchperiod,muchweakerthanestimatedamonthago.Governmentstatisticiansslashedbymorethanhalftheirfirstestimateofa1.3percentgrowthrateforthequarter.

Themainforcesbehindthedowngrade:thebloatedtradedeficitandbusinessescuttinginvestmentinsuppliesofthegoodstheyholdininventories.

"Wegotclose,buttheeconomydidnotslipunderthewavesinthefirstquarter,"saidJoelNaroff,presidentofNaroffEconomicAdvisors.

Whatlargelypreventedtheeconomyfromgoingunder:consumers,whoshowedanevenbiggerappetitetospend.

Fornearlyayear,theeconomyhasbeenenduringastretchofsubpareconomicgrowthduemostlytoahousingslump.Thatinturnhasmadesomebusinessesactmorecautiouslyintheirspendingandinvesting