Tepid consumer spending slowed quarterly Econ growth to 0.7% in the 1st snapshot of Trump's term
Wall Street Journal?Verified account @WSJ Apr 28
Tepid consumer spending slowed quarterly economic growth to 0.7% in the first snapshot of Trump's term
U.S. GDP Growth Slowed on Tepid Consumer Spending
https://www.wsj.com/articles/u-s-gdp-rose-0-7-in-first-quarter-1493382900?mod=e2tw
Updated April 28, 2017 5:28 p.m. ET
949 COMMENTS
The U.S. economy stumbled during the first months of the year, as consumers reined in spending despite a rise in household confidence and a surge in stock prices that greeted the inauguration of President Donald Trump.
Gross domestic product, a broad measure of national output, grew at a 0.7% annual rate in January through March, the slowest pace of expansion in three years, the Commerce Department said Friday. Americans sharply cut back spending on big-ticket items like cars, causing overall consumer purchases to grow at the slowest pace since late 2009.
Major makers of household staples including Procter & Gamble Co. and PepsiCo Inc. this week reported lackluster sales due partly to weak consumer spending. Car maker Ford Motor Co. posted a 35% drop in first-quarter profit. Online retailer Amazon.com Inc. was a bright spot, reporting a jump in profit.............................