GDP Report:  Economy Growth Slowest In Two Years

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In the first quarter of this year, business slashed investment by the steepest amount since the Great Recession, according to MarketWatch.

“Gross domestic product, the sum of a nation’s economy, slowed to a 0.5% annual growth rate in the first three months of 2016, the government said Thursday. The U.S. had grown 1.4%, 2% and 3.9% in the prior three quarters.”

MarketWatch said manufacturers faced a tougher global sales environment on exports, energy companies are affected by the cheaper oil prices, and many companies cut spending and investments on new equipment.  Companies are slowing down on production to get inventories back in line… partly impacted by the fact that many consumers are making an effort to increase their savings instead of splurging.

The only boost in spending by consumers was on utilities and healthcare.   Big-ticket purchases, such as new cars, TV’s and appliances, fell by 1.6%.

It is doubtful that business investment will grow much in 2016, due to a “tepid global economic scene and a tumultuous U.S. presidential election,” according to the report.

 

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