U.S. Economy Grew at 1.6% Rate in First-Quarter Slowdown [The New York Times]
Bank of America Corporation (BAC)
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Source: The New York Times
The economy continued to grow early this year, but at a sharply slower rate as strong consumer spending was offset by higher prices and pockets of weakness in other sectors.Gross domestic product, adjusted for inflation, increased at a 1.6 percent annual rate in the first three months of ,down from 3.4 percentTaken on its own, the downshift in growth is not necessarily worrisome, particularly given that the Federal Reserve has been trying to cool off the economy. And the weaker first quarter numbers were driven in part by big shifts in business inventories and international trade, which often swing wildly from one quarter to the next. Measures of underlying growth were stronger.“It would suggest some moderation in growth but still a solid economy,” said Michael Gapen, chief economist for Bank of America. He said the report contained “few signs of weakness overall.”Still, the growth rate was below what economists had expected, and the slowdown has come at the same time that the Fed’s
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