U.S. Economy Grew 0.7% in First Quarter, Slowest in Three Years

[spanone]

if he owns the good from the first quarter, as he has proclaimed, he also owns the bad.

The U.S. economy expanded at the slowest pace in three years as weak auto sales and lower home-heating bills dragged down consumer spending, offsetting a pickup in investment led by housing and oil drilling.

Gross domestic product, the value of all goods and services produced, rose at a 0.7 percent annualized rate after advancing 2.1 percent in the prior quarter, Commerce Department data showed Friday in Washington. The median forecast of economists surveyed by Bloomberg called for a 1 percent gain. Consumer spending, the biggest part of the economy, rose 0.3 percent, the worst performance since 2009.

The GDP slowdown owes partly to transitory forces such as warm weather and volatility in inventories, which supports forecasts for a rebound as high confidence among companies and consumers and a solid job market underpin growth. Even so, the weakness at car dealers could weigh on expansion, and further gains in business investment could depend on the extent of policy support such as tax cuts.

“There’s no cause for concern,” said Ryan Sweet, an economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, citing seasonal-adjustment issues in the data and temporary factors that affected consumer spending. Business investment is “encouraging,” while consumers “had a little bit of a hangover, and they’ll bounce back in second quarter. The key will be wage gains -- we need strong wage-growth support for spending going forward.”

https://www.bloomberg.com/news/articles/2017-04-28/u-s-economy-expands-at-slowest-pace-in-three-years

[kentuck]

1. Similar to the first few months of Dubya's Administration..

As the surplus dwindled away and the deficits returned, the economy slowed and then there was 9-11 disaster.

I dread to think what might happen in the next year.

[spanone]

2. well, trump is following the same economic disaster as bush....i dread too

[Wellstone ruled]

3. Sure appears to be.

Many of the same players playing in the back ground. Locally,people have pulled back,seems they are scared of what is called the unknown.

[True Dough]

4. The man is a turd

The economy is supposed to be his sweet spot. He can't even get that right.