Real gross domestic product increased at an annual rate of 0.1% in the first quarter of 2014, compared to Q4/13, according to the Bureau of Economic Analysis, U.S. Commerce Department. In the fourth quarter, real GDP increased 2.6%.
The Commerce Department reported that fourth quarter GDP increased at an annual rate of 2.4%, which was substantially lower than the advanced estimate of 3.2% issued last month.
The Commerce Department reported that new orders for manufactured durable goods in November increased $8.2 billion or 3.5%. The New York Times notes in a related story, the increase outpaced economists’ expectations for a 2% rise.
The Commerce Department said orders to U.S. factories rose in May, helped by a third straight month of stronger business investment. The gains suggest manufacturing may be picking up after a weak start to the year.