The Commerce Department on Friday provided its first statistical snapshot of the American economy in the first quarter, the gross domestic product estimate. The economy barely grew, expanding at an annual rate of only 0.7 percent. The growth was a sharp decline from the 2.1 percent annual rate recorded in the final quarter of last year. It was the weakest quarterly showing in three years. Consumption, the component reflecting individual spending, rose by only 0.3 percent, well below the 3.5 percent rate in the previous quarter.
Imported from the CTE archive to seed discussion on MFGAxis.
Originally published on CTE: 2017-04-28
CTE source: https://ctemag.com/news/gdp-report-shows-us-economy-slow-start-2017/
Legacy path: /gdp-report-shows-us-economy-slow-start-2017