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US GDP Collapses To 0.7%, Lowest In Three Years; Worst Personal Spending Since 2009

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US GDP Collapses To 0.7%, Lowest In Three Years; Worst Personal Spending Since 2009

by Tyler Durden | Apr 28, 2017 8:44 AM

The Atlanta Fed was right once again, and slashing its forecast over the past 3 months today the BEA confirmed that in the first quarter US economic growth tumbled to just 0.7%, down from 2.1% in the last quarter and below the 1.0% expected, and the lowest print in three years going back all the way to Q1 2014.

The biggest culprit for the atrocious GDP print was the collapse in consumer spending, which rose at just 0.23% annualized, the lowest increase since 2009, and reflected an increase in services offset by a decrease in motor vehicles and parts. In short: for whatever reason, spending in the first quarter imploded.