The U.S. economy grew at a faster pace than expected in the first quarter and posted its best growth to start a year in six years.
First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones expected the U.S. economy increased by 2.5% in the first quarter. It was the first time since 2013 that first-quarter GDP topped 3%.
Disposable personal income increased by 3%, while prices increased by 1.3% when excluding food and energy. Overall prices climbed by 0.8% in the first quarter.
"The upside beat was helped by net trade (exports jumped while imports contracted sharply) and inventories which combined contributed almost 170 bps of the rise," wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. "Personal spending though, the biggest component was up just 1.2%, two tenths more than expected as an increase in spending on services and nondurable goods offset a decline in spending on durable goods."
Friday's data was the first look at how the economy fared during the longest government shutdown in history. The federal government ceased operations for 35 days between late December and Jan. 25 amid a standoff between the Trump administration and congressional leaders over funding for a wall along the U.S.-Mexico border.
Investors were closely watching out for the report as they looked for more confirmation that a recession may not be in the cards over the short term.
The S&P 500 is up 16.7% this year after the Federal Reserve reversed course in its path to tighter monetary policy, easing fears that a recession may be imminent.
This is breaking news. Please check back for updates.
https://www.cnbc.com/2019/04/26/gdp-q1-2019-first-read.html
2019-04-26 12:30:26Z
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