Downgrade: Weaker Economic Growth First Quarter
Continue reading the Original Blog PostThe U.S. government reported today that the economy grew at a 1.8% annual rate in the first quarter, below earlier estimates. According to Bloomberg, the 2% increase in U.S. payroll tax took a bigger bite out of consumer spending than previously calculated.
Regardless consumer confidence is higher.
“You’re not seeing a big pullback in consumer spending, it is just weaker...