NEWS: Economy Grew at 0.6% Rate In 1st Quarter Amid Slowdown

Ed: No recession - just inflation from oil, gas. Drive less. Telecommute, teleconference, use the web, blog - the Internet is green.

BY JEFF BATER

The U.S. economy didn't slump in the first quarter as some had feared it would, but its weak climb was the product of a likely unintended inventory buildup.

A sick housing sector, weak consumer spending and a pullback in business spending held gross domestic product to a seasonally adjusted 0.6% annual rate of growth. Economists surveyed by Dow Jones Newswires expected a 0.6% increase.

"The economy just kept its head above water in the first quarter," said Nigel Gault, an economist at Global Insight. "Don't break out the champagne, though."

The small gain for the January-March period, reported by the ...