The U.S. economy grew at an amazing pace during the first quarter of 2019, according to data from the government.
Gross Domestic Product (GDP) grew at 3.2% smashing economists’ expectations of only 2.5% and the best showing in the first quarter since 2013.
The great quarter came due to private industries increased investment spending, an increase in exports by American companies, and a reduction of imports from foreign counties.
Inflation for gross domestic purchases was cut by more than half from the fourth quarter. Q1 came in at .8% compared to 1.7% in the previous quarter.
Price increases for personal expenditures, as measured by the Personal Consumption Expenditure (PCE) price index, was also cut by more than half as this quarter’s PCE came in at .6% while Q418 came in at 1.5%.
The slowdown in price increases should keep the federal reserve from raising interest rates further any time soon.
Personal savings, personal income and disposable personal income also all increased in Q1 which should allow the recent increases in retail spending to continue.
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