The U.S. economy grew at 3.2 percent in the first three months of the year, far exceeding Wall Street’s prediction of 2.5 percent growth, according to a Breitbart report.
Breitbart reports:
- The advance in the gross domestic product, the broadest measure of economic health, marks an acceleration from a 2.2 percent gain in the previous October-December period.
- Disposable personal income saw a boost of 3 percent. while overall prices grew by 0.8 percent. In the first quarter, inventory rebuilding added 0.7 percentage point to growth, while a falling trade deficit boosted growth by a full percentage point.
- Consumer spending, which accounts for 70 percent of economic activity, slowed to growth at a rate of just 1.2 percent in the first quarter. In particular, spending on durable goods fell at a rate of 5.3 percent, the biggest decline in a decade, led by a sharp drop in light truck sales.
For the full report, click HERE.
