The gross domestic product (GDP) figures for January through March of 2017 show a slowing economy. Economists and market watchers who predicted a poor showing in the Commerce Department report were correct: The US economy only grew by 0.7% in the first quarter of the year. The previous quarter showed a growth rate of 2.1%. It is the slowest growth figure in 3 years.
Economic growth is driven by consumer spending, which was down more than expected during the first months of President Donald Trump's administration. While surveys showed that Americans generally were optimistic about the economy, those sentiments were not reflected in their actions.