Bummer. U.S. economic growth cooled in the first quarter as
businesses cut back on investment and restocked shelves at a moderate pace, but
stronger demand for automobiles softened the blow, CNBC writes..
Gross domestic product
expanded at a 2.2 percent annual rate, the Commerce Department said on
Friday in its advance estimate, down from the fourth quarter's 3 percent rate. While that was below economists' expectations
for a 2.5 percent pace, a surge in consumer spending took some of the sting
from the report. However, growth was still stronger than analysts' predictions
early in the quarter for an expansion below 1.5 percent.
Consumer spending which accounts for about 70 percent of
U.S. economic activity, increased at a 2.9 percent rate - the fastest pace
since the fourth quarter of 2010. That compared to a 2.1 percent rise in the
fourth quarter…
No comments:
Post a Comment