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US GDP rises disappointing 0.7pc in Q1
THE United States' gross domestic product (GDP) rose by a meagre 0.7 per cent in the first quarter, down from 2.1 per cent growth in the fourth quarter 2016, representing the nation's slowest growth rate in three years.
The Commerce Department's Bureau of Economic Analysis (BEA) said the deceleration in GDP growth in the fourth quarter reflected lower consumer spending, private inventory investment, and state and local government spending. Those decreases were partly offset by increases in exports and both non-residential and residential fixed investment.
Real exports of goods and services increased by 5.8 per cent in the first quarter, according to BEA, compared with a 4.5 per cent decline in Q4 2016. Imports, were up 4.1 per cent, but down from a nine per cent increase previous quarter.
Another disappointing development for the US economy was that new orders for durable goods in March grew just 0.7 per cent to US$238.7 billion following a revised 2.3 per cent increase in February, reported American Shipper.
Commerce's Census Bureau noted that transportation equipment, up for the third straight month, drove the increase in durable goods orders, rising 2.4 per cent to $83.3 billion for the month. Excluding orders for transportation equipment, total durable goods orders slipped 0.2 per cent in March.
Shipments of manufactured durable goods, now up in four of the last five months, grew 0.2 per cent to $239.8 billion in March following a similar 0.2 per cent uptick in February and a 0.1 per cent decrease in January.
The Commerce Department's Bureau of Economic Analysis (BEA) said the deceleration in GDP growth in the fourth quarter reflected lower consumer spending, private inventory investment, and state and local government spending. Those decreases were partly offset by increases in exports and both non-residential and residential fixed investment.
Real exports of goods and services increased by 5.8 per cent in the first quarter, according to BEA, compared with a 4.5 per cent decline in Q4 2016. Imports, were up 4.1 per cent, but down from a nine per cent increase previous quarter.
Another disappointing development for the US economy was that new orders for durable goods in March grew just 0.7 per cent to US$238.7 billion following a revised 2.3 per cent increase in February, reported American Shipper.
Commerce's Census Bureau noted that transportation equipment, up for the third straight month, drove the increase in durable goods orders, rising 2.4 per cent to $83.3 billion for the month. Excluding orders for transportation equipment, total durable goods orders slipped 0.2 per cent in March.
Shipments of manufactured durable goods, now up in four of the last five months, grew 0.2 per cent to $239.8 billion in March following a similar 0.2 per cent uptick in February and a 0.1 per cent decrease in January.
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