Economics
The U.S. Is About to See How Deep the First-Quarter GDP Pothole Is
- Analysts project growth of 2% after fourth quarter’s 2.9%
- Rebound expected in coming months as tax cuts take hold
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The U.S. economy probably hit its usual first-quarter pothole, and we’re about to find out how deep it was this time.
Gross domestic product grew at a 2 percent annualized rate over the past three months, a step down after three straight quarters exceeding or near a 3 percent pace, according to the median estimate in a Bloomberg survey ahead of Commerce Department figures due Friday. Consumer spending, the biggest part of the economy, is projected to advance 1.1 percent, the least since mid-2013. Business investment likely cooled, too, from its recent torrid pace.