(Washington, DC) -- The new GDP numbers aren't meeting expectations. The Commerce Department says the country's gross domestic product rose 2.5% in the first quarter after nearly stalling at zero-point-four percent in the fourth quarter of 2012. Economists were expecting a three-percent growth in GDP. The first-quarter result is largely due to a drop in defense spending. Consumer spending had its biggest jump in two years.
Consumers spent more on auto purchases and utility payments despite the return of a higher payroll tax and increased gas prices. Analysts are worried deep government spending cuts and higher taxes could impact the slow economic recovery in the coming months.
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