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U.S. Economic Growth Slows to 0.5%
America’s gross domestic product expanded only 0.5% in the first quarter of 2016, according to preliminary data from the U.S. Bureau of Economic Analysis.
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America’s gross domestic product expanded only 0.5% in the first quarter of 2016, according to preliminary data from the U.S. Bureau of Economic Analysis. GDP expanded 1.4% in the fourth quarter of last year and 2.4% for all of 2014.
The bureau attributes the slowdown to a decline in business investment, private inventory investment, exports and government spending. But it also points out that consumer spending, which accounts for most economic growth, continued to rise.
Analysts point out that the U.S. economy has gotten off to sluggish first-quarter growth for several years. The bureau will issue an updated estimate on first-quarter growth on May 27.
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