US Economic Growth Drops to Lowest Rate

  • As per reports, the US economic growth has dropped sharply in the first quarter of the year 2017. However, some economists say that a rebound may happen in the April-June quarter on the strength of job growth, confidence of higher consumers and records of stock-market.

    The government is reportedly going to release its first of three estimates of growth for the January-March quarter, measured by the GDP. It is expected that the annualized GDP will be around 1%.

    The actors for the slowdown reportedly include warmer-than-usual weather that affected utility production and an IRS setback in the distribution of tax refunds, which may have held back consumer spending at the beginning of 2017.