Reuters: Regulatory News: White House says first-quarter growth 'encouraging'

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White House says first-quarter growth 'encouraging' Apr 27th 2012, 14:22 WASHINGTON, April 27 | Fri Apr 27, 2012 10:22am EDT WASHINGTON, April 27 (Reuters) - The White House called the rise in U.S. gross domestic product in the first quarter of 2012 "encouraging" but said more growth was needed to get the economy back on track. "While the continued expansion of the economy is encouraging, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007," Alan Krueger, chairman of the White House Council of Economic Advisers, said in a statement. Aboard Air Force One, White House spokesman Josh Earnest said that while the 2.2 percent growth rate in the first quarter showed the U.S. economy was "moving in the right direction," President Barack Obama believed "there is more work to do." The market had been looking for first-quarter growth between 2.3-2.5 percent, with the consensus forecast at the top of that range.

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