GDP Revised Lower to 2.7% Rise

GDP rose at a slower-than-expected 2.7% pace during the first quarter.
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WASHINGTON (

TheStreet

) -- In its latest and final assessment, the government said Friday that the economy grew at a slower-than-expected 2.7% annual pace during the first quarter.

In its third revision on gross domestic product, the Commerce Department said economic growth edged lower since its last assessment in May, when the government estimated 3% growth to begin the year. The final take also fell below consensus forecasts provided by

Briefing.com

calling for 3% growth.

--Written by Sung Moss in New York