Economic news

U.S. expansion rate drops in the first quarter

The U.S. economy showed more-than-forecasted ease of gains in January-March this year as consumer spending slumped to the lowest in almost five years, however, advance seems to have restored pace since then driven by a brisk jobs market and tax reduction.

Rise of GDP in the first quarter made up 2.0% on a yearly basis, according to yesterday’s data from the Commerce Department, which is the third revision of the period’s figures, while in May it reported a 2.2% growth for the same months.

The last quarter of 2017 had economy expanding at 2.9%, subsequent fall is seen as a result of diminished consumer spending and less of a buildup in inventory.

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