GDP data show U.S. economy expanding faster than forecast in first quarter
The numbers: Reports of the demise of the U.S. economy proved unfounded as first quarter activity showed surprising strength. The U.S. economy expanded at a 3.2% annual pace in the first three months of 2019, the government said Friday.
Also fueling the stronger GDP growth were stronger inventory building and trade. These factors are volatile and could reverse this quarter. Business fixed investment decelerated to a relatively slow 2.7% gain, down from a 5.4% gain in the prior quarter. Investment in structures fell 0.8%, the third straight decline.
Big picture: The acceleration in growth in the first quarter is all the more remarkable considering the doom and gloom that surrounded the first quarter outlook in December. Before the new year began, the Atlanta Fed’s “nowcast” model projected 0.5% growth and the flattening of the yield curve was fueling talk of recession. The partial government shutdown, which limited economic data, added to unease.
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