The U.S. economy grew at a 2.2 percent annual rate in the first quarter of the year, according to the Bureau of Economic Analysis.

That's down from the 3 percent pace in fourth-quarter 2011, but is still better than the 1.7 percent growth for all of last year.

The first-quarter figure will be revised twice, in each of the next two months.

We'll have more about the report shortly.

Update at 8:47 a.m. ET. Behind The Numbers:

The U.S. economy hit the recession exit ramp nearly three years ago, but it's been lost on the back roads somewhere near Recoveryville ever since.

Growth rates have been modest at best compared with the 4-plus percent growth in the years well before the U.S. began slouching toward its worst post-World War II recession.

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NPR Headlines

As high-level and high-stakes U.S.-China trade talks get underway in Beijing this week, global markets are responding positively, with Asian stocks closing mostly higher on Monday.

The Shanghai Composite Index rose 1.36 percent to close at 2,653. Hong Kong's Hang Seng gained 0.6 percent to 28,123. And Taiwan's TSEC 50 Index grew 0.72 percent to 10,004. Australia's ASX lost .12 percent to close at 6,128.

Gov. Gavin Newsom is rescinding former Gov. Jerry Brown's deployment of California National Guard troops to the Mexican border, pulling most of 360 troops off their current missions but leaving some in the area to combat transnational drug smuggling.

"The border 'emergency' is a manufactured crisis," Newsom will say during his State of the State address Tuesday morning, according to advance excerpts provided by his office. "And California will not be part of this political theater."

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