Trump marks first 100 days with economic growth weakest in three yearsBusiness | 28 Apr 2017 8:48 pm
The US economy slowed sharply in the first three months of the year, data from the Commerce Department showed today. GDP grew by a mere 0.7 percent on year in the first quarter.
The disappointing news came just as President Donald Trump wraps up his first 100 days in office on Saturday. He has promised to make America great again.
The 0.7 percent increase was the worst showing since GDP contracted by 1.2 percent in the first quarter of 2014.
Trump took office on January 20 and five days later, the Dow Jones Industrial Average touched 20,000 for the first time.
On February 28, he addressed a joint session of Congress.
Trump's first major policy setback came when House Republican leaders withdrew the heath care legislation.
The first quarter growth was weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result repeats a pattern that has characterized the recovery: lackluster beginnings to the year.
The slowdown primarily reflected slower consumer spending, which grew by just 0.3 percent. That was the poorest showing in more than seven years. Analysts blame in part the unusually warm winter, which meant less spending on utility bills.
Economists believe the slowdown will be temporary. They forecast GDP growth will rebound to 3 percent or better in the current quarter.-The Standard/AP