![]() ![]() So far, economic activity seems to be holding up. ![]() Businesses cut back their spending on equipment during that period. Robust consumer spending, which accounts for about two-thirds of economic output, helped fuel the first quarter’s growth, along with strong government outlays. GDP grew at a slower pace in the January-through-March period compared with the previous quarter and was below economists’ expectations. That means inventory investment had less of a drag on GDP earlier this year. The change was mostly driven by an upward revision to private inventory investment, which includes finished goods, materials, and works in progress being saved for a later date. GDP is adjusted for inflation and seasonality. Gross domestic product, the broadest measure of economic output, increased at an annualized rate of 1.3% in the first quarter, up from an initial estimate of 1.1% reported last month. US economic growth in the first three months of the year was faster than previously estimated, the Commerce Department reported on Thursday. ![]()
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