******CHUMP PROSPERITY***** U.S. economy grows at tepid 1.2 percent; business spending softens
U.S. economy grows at tepid 1.2 percent; business spending softens
Source: Reuters
BUSINESS NEWS | Fri May 26, 2017 | 10:19am EDT
By Lucia Mutikani | WASHINGTON
The U.S. economy slowed less than initially thought in the first quarter, but there are signs it could struggle to rebound sharply in the second quarter amid slowing business investment and moderate consumer spending.
Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said on Friday in its second GDP estimate for the first three months of the year.
"The second estimate paints a better picture about the degree of slowing in activity at the start of the year, but the main concern about soft growth in private consumption remains," said Michael Gapen, chief economist at Barclays in New York.
That was the worst performance since the first quarter of 2016 and followed a 2.1 percent rate of expansion in the fourth quarter. The government revised up its initial estimate of consumer spending growth, but said inventory investment was far smaller than previously reported
http://www.reuters.com/article/us-usa-economy-idUSKBN18M1GP
Gee... I read he created 800 jobs somewhere.
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