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GDP posts gain during first quarter, as consumer spending improves
By Sam Craine on Jun 28th, 2010
A main indicator of economic growth showed improvement, as the nation's gross domestic product increased during the first quarter.
According to the Bureau of Economic Analysis, GDP rose 2.7 percent in the first three months of the year. That marks the third straight quarter of economic growth, with the fourth quarter of last year seeing a rise of 5.6 percent.
The BEA noted that consumer expenditures aided in the increase seen in the first quarter. A majority of GDP is accounted for by spending, and a rise may indicate people are feeling more comfortable with parting with their cash.
Still, unemployment remains near double digits, with some experts expecting it to rise further as the year continues. Furthermore, some consumers may still be focusing on reducing debt, especially in the face of increased credit card interest rates.
Consumers looking to pay off credit cards may consider a number of options, including debt consolidation. This option could lead to lower interest rates, which should make it easier to get bills under control.
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