WASHINGTON - .
"The gain in first-quarter GDP would seem to make a mockery of claims that the U.S. economy is slowing as the fiscal stimulus fades," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto."Looking beyond the headline number, however, there are plenty of causes for concern." The White House has sought to boost growth through an array of policies, including a $1.5 trillion tax cut package passed in December 2017. Economists believe the fiscal stimulus, which also included more government spending, peaked in the third quarter.
A gauge of inflation tracked by the Federal Reserve increased at a 1.3 percent rate last quarter. Fed policymakers are likely to shrug off the last quarter's growth spurt and focus on the weak domestic demand and inflation when they meet next week. The dollar dropped against a basket of currencies as investors fretted over the weak details of the GDP report. U.S. Treasury prices rose, while stocks on Wall Street were mixed.Exports surged and imports declined in the first quarter, leading to a small deficit that added 1.03 percentage points to GDP after being neutral in the fourth quarter.
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, slowed to a 1.2 percent rate from the fourth quarter's 2.5 percent rate. The moderation in spending reflected a decline in motor vehicle purchases and other goods, likely related to a 35-day shutdown of the federal government. There was also a slowdown in spending on services.
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