US GDP Growth Was Slower Last Quarter on Soft Consumer Spending
- Economy expanded at 1.3% pace versus initial estimate of 1.6%
- Consumer spending was lower on outlays for goods like autos
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The US economy grew at a slower pace in the first quarter than initially reported, primarily reflecting softer consumer spending on goods.
Gross domestic product rose 1.3% annualized in the first three months of the year, below the previous estimate of 1.6%, Bureau of Economic Analysis figures published Thursday showed. The economy’s main growth engine — personal spending — advanced 2.0%, versus the previous estimate of 2.5%.