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U.S. Economy May Have Grown Only 0.7% in First Quarter
Real gross domestic product in the U.S. expanded by an annualized 0.7% in the first quarter of 2017 compared with 2.1% growth in the final quarter of 2016, the government’s Bureau of Economic Analysis reports.
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Real gross domestic product in the U.S. expanded by an annualized 0.7% in the first quarter of 2017 compared with 2.1% growth in the final quarter of 2016, the government’s Bureau of Economic Analysis reports.
But BEA cautions that its flash estimate is based on early and incomplete data and will be updated on May 26. Many economists predict second-quarter growth will rebound to 3%-4%, The Wall Street Journal notes. The U.S. economy has expanded by roughly 2% per year since 2010.
The first-quarter slowdown reflects softer growth in consumer spending and downturns in government spending at the state and local level, according to BEA. It says those factors muted first-quarter increases in exports, home buying and business fixed investments.
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