A separate report Friday found that US private sector workers saw their wages go up 1 percent in the first quarter, the biggest quarterly gain in 11 years, a sign that the tight job market is beginning to lift wages. The initial reading indicates the US economy expanded at a 2.3% annual pace in the first quarter of 2018. The first quarter typically sees slower growth due to weather and post-holiday cutbacks, so the falloff was no surprise, and supporters of the tax cuts have room to argue that the better-than-expected results were driven at least in part by the tax cuts.
The Commerce Department said real gross domestic product climbed by 2.3% in the first quarter compared to the 2.9% jump in the fourth quarter. In addition, this was the strongest first quarter reading in three years. That was the slowest pace since the second quarter of 2013 and followed the fourth quarter's robust 4.0 percent growth rate. The labor market is near full employment and both business and consumer confidence are strong.
Another factor may have led to subdued growth figures: First-quarter growth has tended to be weaker than other quarters in recent years, potentially from seasonal quirks in the data that dissipate in subsequent months. Service-related consumer spending expanded somewhat at 2.1%, but if those numbers hold up in the revisions, someone will have to figure out what has consumers spooked - especially after the big tax cuts put more money in their pockets.
GM quarterly profit falls but beats Wall Street estimates
Chief Financial Officer Chuck Stevens said the production drop had resulted in a drop in pre-tax profit of up to $800 million. Shares in the automobile giant dipped 83 cents, or 2.2%, within a 52-week trading range of $31.92 to $46.76.
"Growth rates around 3 percent are not sustainable but for the next couple of years all the government stimulus is going to provide a lot of economic juice", said Mark Zandi, chief economist at Moody's Analytics.
Paul Ashworth, chief USA economist at Capital Economics, said the latest GDP figures were "something of a disappointment since the tax cuts should have provided an immediate boost".
It's not a bad report, and this quarter has chronic issues with metrics.
Still, the January-March increase came in better than expected and was enough to propel growth over the past year to come close to the 3 percent goal set by the Trump administration. Core prices - which exclude food and energy - rose at a 2.5% rate. The economy may expand 2.8 percent in 2018, according to the median of forecasts compiled by Bloomberg, before slowing in the following two years. Remember, the US central bank raised interest rates last month in affirmation of the strong economy and labor market and they forecast at least two additional rate hikes this year.
Business spending on equipment slowed to a 4.7 percent rate in the January-March quarter after double-digit growth in the second half of 2017.
Investment in homebuilding was unchanged in the first three months of the year as sluggish home sales caused by a dearth of houses on the market weighed on brokers' commissions. Investment in new structures almost doubled to 12.3 percent. Spending on durable goods like cars surged in the final months of 2017, possibly replacing those lost in the storms, and then receded in the first quarter.
The Joe Gibbs Racing driver and 2015 series champion won his seventh career Cup race at Bristol, most among active drivers. Ryan Blaney was off to a strong start at Bristol but his race ended in a crash on Lap 117 of the Food City 500.
Whether or not Riess will be returned to Lee County to face charges is still being worked out between Florida and Texas officials. For the latest breaking news and stories from across the Tri-State, follow Eyewitness News on Facebook and Twitter .
It increased, as 15 investors sold POWI shares while 65 reduced holdings. 151 funds opened positions while 383 raised stakes. Also, there are 0 buy, 0 sell and 0 strong sell ratings, collectively assigning a 2.67 average brokerage recommendation.
Acuna, 20, shot up through the minors last year, beginning the year in Single-A and finishing with the Triple-A Gwinnett Braves. The losing pitcher was Shackelford (0-1), who allowed the tying run to score in the eighth and put two runners on in the ninth.
The company has said that providing false information violates its terms, and users can be banned as a result. It said: "Our goal is simply to explain how we use and protect the limited information we have about you".
On Tuesday, Meghan and Harry announced the performers who will be on hand for their ceremony at St George's chapel. Mr Kanneh-Mason revealed Meghan called him personally to ask him to perform on the big day.
Flowers, cards and messages of sympathy cover a makeshift memorial for the 10 victims of Monday's van attack in Toronto . Police also said those killed and injured were "predominantly women," but didn't offer further details.
Dimitrov overcame David Goffin 6-4 7-6 (7-5) while the other semi-final will be contested by Kei Nishikori and Alexander Zverev . So lot of good things. "It's tough, but I'm managing alright", he said. "I have planned Madrid and Rome after that".
E. Coli outbreak tied to romaine lettuce gets worse
Forty-six people have been hospitalized, including 10 with kidney failure, which is an unusually high number of hospitalizations. If you already have store bought romaine lettuce in your fridge, the CDC said you're better off not eating and throwing it away.
Spotify Announces On-Demand Playlists For Free Users
The free Spotify app is getting a major overhaul with new tools previously only available to users who paid a subscription fee. He also pointed out that 71 percent of Spotify's monthly active users - 157 million worldwide - are under the age of 34.
Former Jayhawk Joel Embiid has monster playoff debut
Embiid averaged 22.9 points, 11 rebounds and 1.8 blocks per game during the regular season, earning his first All-Star appearance. Philadelphia shot 53 percent (10-of-19) from the field in that final quarter, cooling off when the game was clearly in hand.
Rohit rides Mumbai to its first win in IPL
In the end, Chahal, Royal Challengers' most consistent bowler of the past few seasons, didn't even finish his quota of four overs. Before that, Roy had peppered the straight boundary with clean hits despite the likes of Pollard and Hardik Pandya patrolling it.
Monday's Royals game in doubt due to Toronto ice
Factoring in the team's scheduled off day last Thursday, the Blue Jays have played exactly one game in the last five days. The Blue Jays had a game postponed on April 12, 2001 when a mechanical test caused damage to one of the roof panels.
Trump Talks North Korea during US-Japan Summit
Mike Pompeo , acting Secretary of State, stated that the summit with North Korea is "to address the threat to the United States". Abe did, however, secured a commitment from Trump to raise with Kim the issue of Japanese citizens abducted by North Korea .
Tax Day 2018: Where to find freebies and deals
It may not be an exclusive tax day freebee, but the "dollarita" - a margarita that costs one dollar - is back this month. Filing taxes take too much out of you? This deal also is available at Planet Fitness gyms that have the massage beds.