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Q1 GDP tanks

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Q1 GDP tanks

GDP growth of 0.5% slowest in 2 years

US estimated real gross domestic product increased at an annual rate of 0.5% in the first quarter, according to a report issued by the Commerce Department today.  This follows Q4 GDP growth of 1.4%. 

Analysts had expected a 0.7% increase for the quarter.

The sluggish results were primarily attributed to a slowdown in consumer spending and the ongoing effects of a strong US dollar on exports.

 

While the seemingly strong labor market continues to indicate a strengthening of growth in the coming quarters, various indicators such as tepid manufacturing growth and weak commodities pricing continue to suggest headwinds for the US economy. 

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