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The U.S. Department of Commerce’s Bureau of Economic Analysis reported Wednesday that U.S. gross domestic product rose by a robust 2.5 percent in the first quarter.
For the full year, growth is expected to be 3.1 percent, the weakest growth since 2002.
The government’s closely watched statistics are considered a good gauge of the economy, and the latest report confirms the expectations of Wall Street strategists for some slight tightening of global trade and commodity demand this year, as growth picks up in Europe and the U.S.
“Looking forward, the U.S. still needs to address its continued low productivity growth,” said Jeffrey Gundlach, chief investment officer at the Chicago investment firm Gundlach Capital. “To help it get there, we need to boost domestic capacity to help spur higher domestic output. Higher productivity is the engine for U.S. strength: It’s driving growth over the long run. Without a productive boost, the recovery will be short-lived.”
In the first quarter, gross domestic product rose by 2.7 percent from a year earlier, the fourth straight quarter of expansion. In the previous three quarters, the U.S. economy expanded by an average of 1.7 percent.
The report comes as the U.S. economy is still showing signs of strong recovery from the recession. A separate report Thursday from a research firm showed U.S. gross domestic product jumped last month. It’s expected to gain an additional 1.2 percent this year.
Still, growth has been hampered by weak domestic demand, and the country is moving to tighten its export policies in the wake of a global slump in commodity prices. Foreign demand for U.S. goods has been cooling, leading to slower economic expansion.
The Commerce Department said the economy grew at a 4.1 percent annual rate between December 2015 and December 2016, the slowest rate since December 2008.
The man who says he was the victim of a vicious attack at the hands of a man on a bike says he felt as if someone had a gun to his head and he was forced to crawl on all fours for three hours before he was pulled from his bicycle.
The incident apparently occurred at about 1:30 a.m. Wednesday in a parking lot of a T-Mobile store on East Avenue in the North Seattle neighborhood, where witnesses
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