US economy grew at strong 3.2% rate in first quarter
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The U.S. economy grew at a solid 3.2% annual rate in the first three months of the year, a far better outcome than expected, overcoming a host of headwinds including global weakness, rising trade tensions and a partial government shutdown.
The advance in the gross domestic product, the broadest measure of economic health, marks an acceleration from a 2.2% gain in the previous October-December period, the Commerce Department reported Friday. However, about half the gain reflected two factors not expected to last -- a big jump in stockpiling by businesses and a sharp contraction in the trade deficit.
Still, the GDP gain surpassed the 3% bar set by President Donald Trump as evidence his economic program is working. Trump is counting on a strong economy as he campaigns for re-election.
In a tweet, Trump called the 3.2 percent growth "far above expectations." Speaking to reporters before leaving Washington for a speech to the National Rifle Association, Trump termed the GDP figure an "incredible number" and said, "Our economy is doing great. Number One in the world."
