BEA: U.S. GDP Slows Slightly in First Quarter

GDP growth slowed in the first quarter, but on a trailing 12-month basis has improved for the last seven quarters, according to Steel Market Update’s latest analysis of government data. The first estimate of GDP in the first quarter was 2.32 percent, down from 2.87 percent in Q4 2017.

Economy.com reported: “U.S. GDP growth moderated in the first quarter, but at least part of the slowdown is statistical, coming from residual seasonality in the data. Real GDP grew 2.3 percent, better than expected but below the 2.9 percent in the fourth quarter and the weakest growth in a year, according to the advanced estimate from the Bureau of Economic Analysis (BEA). Growth, though modest, was widespread including investment, consumer spending, trade and government. Imports and durable goods spending were drags. Real disposable income growth accelerated to 3.4 percent on the back of tax cuts, after rising 1.1 percent in the fourth quarter. The saving rate jumped to 3.1 percent, from 2.6 percent in the fourth quarter.”