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U.S. Economy Expands 3.2%
America’s gross domestic product grew by an annualized 3.2% in the first quarter of 2019, according to a first estimate by the Dept. of Commerce.
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America’s gross domestic product grew by an annualized 3.2% in the first quarter of 2019, according to a first estimate by the Dept. of Commerce.
The rate compares with a 2.2% growth rate in the previous quarter and 2.9% for full-year 2018.
The robust pace suggests that the country’s economic recovery remains on track, even though economists predict the growth rate will be adjusted downward when the department’s Bureau of Economy Analysis reports a more detailed update at the end of May.
The bureau says first-quarter growth was driven mainly by consumer spending, an improved export-import ratio, restocking of company inventories and government spending at the state and local level.
The price index for personal spending in the U.S. rose 0.6% in the first quarter compared with 1.5% in the previous three months. Growth in disposable personal income grew 3%, down from 5.8% in October-December.
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