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U.S. Economic Growth Trimmed to 2% in First Quarter
The U.S. economy expanded by 2% in the first quarter of 2018, according to a downwardly revised third estimate by the Dept. of Commerce.
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The U.S. economy expanded by 2% in the first quarter of 2018, according to a downwardly revised third estimate by the Dept. of Commerce.
The department previously calculated 2.2% growth for the country’s gross domestic product. GDP grew 2.9% in the fourth quarter of 2017. The lower pace for January-March reflects more complete data, which indicate less personal spending, greater imports and fewer exports than reported earlier, according to the department.
Real gross domestic income climbed 3.6% in the first quarter, nearly four times the pace in the previous three-month period. The consumer price index gained 2.5%, compared with 2.7% in the fourth quarter.
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