Economy

The U.S. economy grew at a much slower pace in the first quarter of 2001 than originally reported, new Commerce Department figures show. Gross domestic product rose at a revised 1.3 percent, as businesses, faced with a glut of merchandise, cut inventories at the fastest pace in nearly 20 years. In another sign of the economy's weakness, sales of existing homes fell more than 4 percent in April. Until recently, the hot real estate market had been immune to the slowdown. NPR's John Ydstie reports.

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