Though spending has increased, the economy is still not recovering as quickly as hoped (Photo courtesy of Creative Commons)

While gross domestic product (GDP) grew at a 2.2 percent annual rate in the first three months of the year, the Commerce Department announced that it was down from a 3 percent growth rate in the prior quarter.  It was also lower than the 2.5 percent rate economists had projected, CNN reported.  On the other hand, consumer spending increased 2.9 percent, with a considerable amount going to the auto industry, but it won't be enough to sustain growth and diminish unemployment.

According to MarketWatch, government investment seems to be the golden ticket when it comes to recovery.

• "The growth we’re seeing isn’t strong enough to quickly bring down the unemployment rate. Congress should focus on addressing sluggish business investment, keeping up consumer demand, and supporting our middle class who are still recovering from the hammering they took during the Great Recession," said MarketWatch.

Bloomberg also cited a study from the University of Michigan showing that Americans have become "more pessimistic about their finances" this month than they had been in March.

• "Views on finances weakened across all income groups, with 28 percent saying they were improved, down from 34 percent who said so last month.
• Retail purchases advanced at an average rate of 0.8 percent in the first quarter, the fastest in a year, as stores offered discounts and shoppers stocked up early on spring gear. Same- store sales at Target, the second-largest U.S. discount chain, and Gap Inc. (GPS), the biggest U.S. apparel chain, beat the average estimate of analysts."

The GDP report is the Commerce Department's first estimate of the year and it will be revised twice in the next few of months.  Though the numbers show growth and that the U.S. economy is fairing well compared to other global economies, the future is still uncertain with the central bank predicting economic growth of only 2.4 to 2.9 percent for the year overall.

"The U.S. economy remains a bright light in the global economy, although the light is hardly blinding, and also showing some signs of fading," said Chris Williamson, chief economist for Markit, to CNN.