US economy posts slowest growth in a year in Q1
In the first quarter, spending on residential construction increased 17.1% compared with a previously estimated rate of 14.8%, posting the fastest pace of growth since the fourth quarter of 2012. Consumer spending also climbed 1.9% in the first three months, stable from earlier estimates.
Meanwhile, exports were also reported stronger growth than initially thought, resulting in a smaller trade deficit, which subtracted 0.21% from first-quarter GDP growth when compared to the estimated figure of 0.34% reported last month.
Some economists commented that the US economy is showing signs of improvement in the second quarter on the back of higher income growth combined with stronger retail sales, goods exports, industrial production, housing starts and home sales. They also added that the US central bank, the Fed, may hike rates in the coming months if the economy and the labor market continue to improve.
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