The U.S. economy grew at an anemic 0.5% in the last quarter, which is horrible news for Hillary Clinton’s presidential campaign. Clinton, who has said she wants to continue promoting President Obama’s far-left economic agenda, must be devastated to learn that the newest numbers show HORRIBLE news for her White House bid.
From The Wall Street Journal:
The U.S. economy stumbled out of the gate in 2016 as consumers and businesses showed renewed signs of caution, underscoring the uneven growth that has been a hallmark of the nearly seven-year expansion.
Gross domestic product, a broad measure of economic output, advanced at a 0.5% seasonally adjusted annualized rate in the first quarter, the Commerce Department said Thursday. That was the worst performance in two years.
Slow starts to the year are nothing new, leaving hope that better months are ahead. GDP shrank in the opening quarter of 2014 and barely grew at the outset of 2015, only to bounce back and leave the economy on the same staid trajectory typical of the expansion. For all of 2015, GDP advanced 2.4%, the same as 2014.
“Barring a miracle, it appears that GDP growth is on course for another underwhelming gain of around 2% this year,” said Paul Ashworth, chief U.S. economist at Capital Economics.
Still, while the first-quarter slowdown was expected, a second-quarter rebound isn’t assured. GDP growth reached a 3.9% pace in the second quarter of 2015 but has deteriorated each period since amid an array of global crosscurrents. The economy expanded 2.0% in the third quarter and 1.4% in the fourth quarter of last year.
The latest deceleration in consumer spending and a decline in business investment, if they persist, would present major challenges for the economy.
Personal consumption, which accounts for more than two-thirds of economic output, expanded at a 1.9% rate in the first quarter. Outlays on goods advanced only 0.1%, the slowest pace in nearly five years. Spending on services—like health care and utilities—climbed a healthier 2.7%.
Relatively low gasoline prices and steady job gains apparently weren’t enough to allay consumers’ concern in the opening months of the year. Consumer spending has been on a downward trajectory for three consecutive quarters now.
Does this latest disastrous economic news further solidify what millions of Americans already knew: that the Clinton-Obama economic agenda is destroying America? Share your thoughts below!