THE US economy grew at a pace of 2.5 per cent in the first quarter of 2013, with cuts in government spending offsetting private consumption and investment gains, the Commerce Department says.
The first estimate of GDP growth in the first quarter was a solid rebound from the previous quarter's poor 0.4 per cent pace, but it came in below the average analyst forecast of 2.8 per cent.
Consumer spending gained 3.2 per cent, a pick-up from the fourth quarter, and business investment continued to grow, albeit at a slower pace, gaining 2.1 per cent.
But federal government spending, hit by the "sequester" budget cuts which took effect during the quarter, continued to drag on the economy, falling 8.4 per cent.
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