Friday, April 27, 2018
Breaking News
Home » RV Industry News » U.S. economy slows in first quarter, but wages surge

U.S. economy slows in first quarter, but wages surge

U.S. economy slows in first quarter, but wages surge

WASHINGTON, D.C. — The U.S. economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years, but a surge in wages amid tightening labor market conditions and lower tax rates suggested the setback is likely temporary, reported Rueters.

Gross domestic product increased at a 2.3 percent annual rate, the Commerce Department said in its snapshot of first-quarter GDP on Friday, also restrained by a moderation in business spending on equipment and investment in homebuilding.

These factors were partially offset by a rise in inventories and a narrowing of the trade deficit. The economy grew at a 2.9 percent rate in the fourth quarter. Domestic demand increased at a 1.7 percent rate, the slowest in two years, after rising at a brisk 4.8 percent pace in the final three months of 2017.

Read the full article at Reuters.com.

Print Friendly, PDF & Email

About Ronnie Garrett

Ronnie Garrett is the editor in chief of RV Daily Report. She's been a writer/editor for more than 25 years, working in law enforcement, aviation, supply chain and now the RV industry. She's not a stranger to RVs, however. She grew up camping, and still camps as many weekends as she can every year.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

RV Daily Report welcomes comments from readers. However, we expect that comments will be cordial and professional without reverting to name-calling, profanity and libelous language. Comments of that nature will be removed.