U.S. Economy Posts 3.2% Growth Rate in First Quarter of 2010

The United States economy continues to show signs of recovery, posting a 3.2% growth rate over the first quarter of 2010. The positive quarter follows a 5.6% growth in the final quarter of 2009, leading President Barack Obama to declare the U.S. economy was heading in the right direction.

Obama said the opening quarter figures were “an important milepost on the road to recovery.”

According to the Commerce Department there was a significant spike in personal consumption during the first quarter, rising by 3.4% compared to an increase of 1.4% in the final quarter of 2009. Those numbers were backed by strong retail sales and a willingness to spend by consumers.

The Commerce Department did note that reduced government spending and a fall in exports prevented the quarter from matching or surpassing the 5.6% growth rate from the previous quarter.

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