U.S. first-quarter GDP growth downturn; weekly jobless claims rise

[Bladewire]

"Economists, however, caution that the administration’s “America First” policies, which have heightened fears of trade wars, are casting a pall over the economy’s prospects."

U.S. first-quarter GDP growth lowered; weekly jobless claims rise

WASHINGTON (Reuters) - The U.S. economy slowed more than previously estimated in the first quarter amid the weakest consumer spending in nearly five years.
The economy grew at a 2.9 percent rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory build than the government had estimated last month.

Economists, however, caution that the administration’s “America First” policies, which have heightened fears of trade wars, are casting a pall over the economy’s prospects.

The United States is engaged in tit-for-tat trade tariffs with its major trade partners, including China, Canada, Mexico and the European Union. Analysts fear the tariffs could disrupt supply chains, undercut business investment and potentially wipe out the fiscal stimulus.

“Trade is a significant downside risk,” said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh. “The potential of a trade war that threatens the global economic expansion could lead to weaker U.S. economic growth.”

The dollar fell against a basket of currencies while prices of U.S. Treasuries dipped.

CONSUMER SPENDING SLOWDOWN
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, braked to a 0.9 percent rate in the first quarter instead of the previously reported 1.0 percent pace. It was the slowest pace since the second quarter of 2013 and reflected downward revisions to healthcare spending by nonprofits and outlays on finance and insurance services.

[Bladewire]

U.S. Economy Was Weaker Last Quarter Than We Thought | WSJ

WASHINGTON—Economic growth was slower at the beginning of this year than the government previously reported, as consumers pulled back spending and the housing market weighed down output.

Gross domestic product, a broad measure of the goods and services produced across the U.S., expanded at a seasonally and inflation-adjusted annual rate of 2% in the first quarter, the Commerce Department reported Thursday. That was weaker than an earlier estimate of 2.2% growth.

[BaldBastard]

You can't make this stuff up

https://twitter.com/realDonaldTrump/...59156426670083

Trump patting himself on the back becasue 6 million out of a population of 325 million, 50 of that living in poverty, got any benefit from his tax cuts..

6 Million

[Bladewire]

Originally Posted by MrBaldBastard

You can't make this stuff up

https://twitter.com/realDonaldTrump/...59156426670083

Trump patting himself on the back becasue 6 million out of a population of 325 million, 50 of that living in poverty, got any benefit from his tax cuts..

6 Million

If he has his base fooled he's happy, he gets nervous when his base starts seeing the truth and he changes his toon, like with the separation of asylum seeking families and children on the border.

[Rochard]

I am honestly surprised it took this long.

[Bladewire]