US GDP Collapses To 0.7%, Lowest In Three Years; Worst Personal Spending Since 2009
by Tyler Durden
ZeroHedge.com
Apr 28, 2017
The Atlanta Fed was right once again, and slashing its forecast over the past 3 months today the BEA confirmed that in the first quarter US economic growth tumbled to just 0.7%, down from 2.1% in the last quarter and below the 1.0% expected, and the lowest print in three years going back all the way to Q1 2014.
Broken down by components, the disappoing number reflected increases in business investment, exports, housing investment, offset by a big slowdown in consumer spending. The increase in business investment reflected increases in both structures and equipment, notably a significant increase in mining exploration, shafts, and wells.
These positive contributions were offset by decreases in private inventory investment, state and local government spending, and federal government spending.
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