EXPANDING

U.S. GDP Grew 3.2% in 1st Quarter, Defying Expectations

America’s economic growth expanded at an annual rate of 3.2 percent in the first quarter of 2019, far exceeding analysts’ projections and easing economists’ worries of a slowdown. The Commerce Department reported early Friday that gross domestic product was boosted by bigger inventories and trade, which offset weaker consumer spending, Bloomberg News reports. GDP for the last three months of 2018 was 2.2 percent. Analysts had warned that stock-market turmoil, the government shutdown, and the “polar vortex” that crippled many businesses would hurt growth. However, economists warned the fading effects of President Trump’s tax cuts may make his stated goal of sustained 3 percent growth difficult to maintain.