Economy Grows Less than Expected

Economy Grows Less than Expected The economic rebound last quarter turned out to be slower than first thought. In a report release this morning, the government says the economy grew at a 3% annual rate from January to March, as consumers and businesses spent slightly less. The economy grew at a 5.6% pace in the final quarter of last year. Also the government says the number of Americans standing inline for jobless benefits, dropped slightly, but still depicts a weak labor market. Apple is officially the world’s most valuable tech company, after its stock grows 2% Wednesday. Apple is now worth $800 million more than Microsoft. The only American company worth more is Exxon Mobil. The governments’ bailout of Citigroup is paying dividends. The Treasury Department said Wednesday, it's made a profit of almost of $1.5 billion by selling part of its stake in the company. The government still owns 22% of Citi, they planned to sell off the rest of the stock in the coming months. Lawmakers are looking into whether Google violated privacy laws with its street view service. Congress is checking to see if Google, while collecting WiFi personal data as photographs streets across the country, included personal emails and health and financial information. Google says it did collect the data, but it says did so by mistake. And jobs are hard to find and hard to keep, but maybe not so hard to quit. The government says the number of workers who quit in February was greater than those who are let go. One expert says, employees who grow tired of a job during bad time are more likely to leave at the first sign of improvement in the labor market. And that’s your money watch, for more, stay with cbsmoneywatch.com. In New York, I'm Emily Smith.