Economy slows as consumer spending hits the skids

[Yo_Mama_Been_Loggin]

The U.S. economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years, but the setback is likely temporary against the backdrop of a tightening labor market and large fiscal stimulus.

Gross domestic product increased at a 2.3 percent annual rate, the Commerce Department said in its snapshot of first-quarter GDP on Friday, also held back by a moderation in business spending on equipment and investment in homebuilding.

The economy grew at a 2.9 percent pace in the fourth quarter. Economists polled by Reuters had forecast output rising at a 2.0 percent rate in the January-March period.

https://www.msn.com/en-us/money/markets/economy-slows-as-consumer-spending-hits-the-skids/ar-AAwpHxA?li=BBnbfcN

Come on folks. Get out there and spend that $1.50 Trumpy and the boys gave you.

[ProfessorGAC]

1. So Much For That Extra Thousand

Fact is, most people aren't actually seeing it because they didn't update the withholding tables soon enough, and those with zero withholding didn't see any change.

Yeah, if you're W-4 shows zero, there'll be a bigger refund, but that's a 15 month lag. So, it's net zero to an awfully lot of people.

[Roland99]

2. Large fiscal stimulus?? Wtf? Where?!?!

[DemocratSinceBirth]

3. At least Mussolini made the proverbial trains run on time.

Trump is a joke.

The economy grew at a 2.9 percent pace in the fourth quarter. Economists polled by Reuters had forecast output rising at a 2.0 percent rate in the January-March period

.


The New York Fed was predicting 5% growth for this quarter in February or March. What bovine excrement.

[sandensea]

4. That Trump slump

The recent stock market losses no doubt weighed on consumer spending - and that was definitely Cheeto's doing.