By CHRISTOPHER S. RUGABER
AP Economics Writer
WASHINGTON – The economic recovery won’t be catching fire any time soon.
Businesses and governments are likely to reduce spending in the second half of the year. Consumers, who drive most economic growth, aren’t expected to take up the slack.
The Commerce Department said Friday that the economy grew at an annual rate of 2.7 percent in the first quarter, offering its third and final estimate for the period. It was slower than initially thought because consumers spent less and imports rose faster that previously calculated.