Domestic economic output grew at an annual rate of 1.8% in the first quarter of 2011 after expanding at a rate of 3.1% in the previous quarter. The slower growth was attributed to higher oil prices and winter weather.
Higher oil prices led to decreased profits for businesses and less discretionary income for consumers. Winter weather also took its toll by closing many businesses and delaying construction on new homes.
New York Times, April 29, 2011
U.S. Economy Grew 1.8% in First Quarter
New York Times, April 29, 2011
