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US Economy Grows Slightly


The world's largest economy grew a bit faster than first estimated in the first three months of this year, while home sales rose and home prices fell.

Thursday's report from the U.S. Commerce Department says gross domestic product grew by one percent in the first quarter, which is about one-tenth of a percent faster than an earlier estimate.

The GDP is a measure of all the goods and services produced in a nation and is the broadest gauge of the economy.

The U.S. economy has been helped by growing U.S. exports, but hurt by soaring energy prices, tight credit, and serious problems in the housing market.

A new report from te National Association of Realtors says sales of previously-owned homes rose two percent in May, though the median price dropped more than six percent.

A separate government report said the number of Americans signing up for unemployment assistance was unchanged last week.

Some information for this report was provided by AFP, AP and Reuters.

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