The U.S. Commerce Department said the economy grew at an annual rate of 0.6% in the first three months of the year, in an initial estimate of gross domestic product for the quarter. The growth matches that of 2007's final period. Rising inventories helped prevent a contraction in the first quarter.
Federal Reserve policy makers are set to wind up a two-day meeting this afternoon. They are widely expected to cut interest rates one more time amid concerns that the economy is slipping into a recession.
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