The numbers on the Obama economy are in for the first quarter

The U.S. economy stalled in the first quarter, expanding by just .02 percent, hurt by weak exports and a drop in business investment, according to a report released Wednesday by the federal Bureau of Economic Analysis.

The figure fell short of analyst's predictions of 1 percent growth and well below the previous quarter's 2.2 percent growth, indicating that the U.S. economy is losing momentum, undermining President Obama's recent efforts to tout the economic recovery.

The slowdown reflected lower consumer spending, declining exports, lower business investment, a less state and local government spending. The declines were offset lower than expect imports, inventory build-ups by private business and an increase in federal spending.

Major contributing factor to the declines were the delay in exports caused by the West Coast ports dispute, the cold prolonged winter and a decline in energy prices.
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