Growth: Percent and Consumer Spending

growth: The gross domestic product, the total output of goods and services, grew by just 0.7 percent in the first quarter following a gain of 2.1 percent in the fourth quarter, the Commerce Department reported Friday, according to The Japan Times. The slowdown primarily reflected slower consumer spending, which grew at a seasonally adjusted annual rate of 0.3 percent after a growth rate of 3.5 percent in the fourth quarter. The result fell far short of President Donald Trump's ambitious growth targets and underscores the challenges of accelerating economic expansion. It was the poorest quarterly showing in more than seven years. Growth is expected to be fueled by a revival in consumer spending, supported by continued strong job growth, accelerating wage gains and record stock levels. Despite the anemic first-quarter performance, the U.S. economy's prospects for the rest of the year appear solid. (news.financializer.com). As reported in the news.